15) Iverycoast Inc. purchased a van on January 1, 2015, for $800,000. Estimated life of the van was 5 years, and its estimated residual value was $90,000. Iverycoast uses the straight-line method of depreciation. Calculate the book value of the van at the end of 2015 A) $650,000, B) $750,000 C) $710,000 D) $658,000 16) On July 31, 2015, Colorful Printers purchased a printer for $50,000. It expects the printer to last for four years and have a residual value of $2,000. Compute the depreciation expense on the printer for the year ended December 31, 2015, using the straight-line method. A) $50,000 B) $5,000 C) S12,500 D) $25,000 17) A plant asset is said to be fully depreciated when the book value is: A) greater than the residual value. B) greater than the market value. C) equal to the residual value. D) equal to the market value. 18) The gain or loss on the sale of a plant asset is determined by comparing A) sale value and book value. B) sale value and residual value. C) sale value and original cost. D) book value and residual value 19) Prinkle Company had purchased equipment for $50,000 on January 1, 2015. On December 31, 2017, the company sold the equipment for $23,000. Accumulated Depreciation as of December 31, 2017 was $25,000. Calculate gain or loss on sale. A) $2,000 gain B) $2,000 loss C) no gain no loss D) $25,000 loss