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What would be the amount of any gain or loss

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Question - On January 1, 2020, Lucy's Auto Repair purchased diagnostic equipment for $18,000. The equipment had an estimated salvage value of $3,000 and a five-year life.  

Assuming that the company depreciates the asset on a straight-line basis: 

a. What is the amount of annual depreciation expense for the equipment?

b. What is the remaining book value of the equipment at December 31, 2021?

c. If the equipment was sold on December 31, 2022 for $11,000, would there be a gain on the sale or a loss on the sale?

d. What would be the amount of any gain or loss?

Reference no: EM132937094

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