16.Computer equipment was acquired at the beginning of the year at a cost of $50,200. It had an estimated residual value of $4,300 and an estimated useful life of five years. Determine the (a) depreciable cost, (b) straight-line rate, and (c) annual straight-line depreciation.

a. Depreciable cost

$

b. Straight-line rate

%

c. Annual straight-line depreciation

$

17.Equipment was acquired at the beginning of the year at a cost of $78,660. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920.

Required:

(a)

What was the depreciation expense for the first year?

(b)

Assuming the equipment was sold at the end of the second year for $59,486, determine the gain or loss on sale of the equipment.

(c)

Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles