1-At the beginning of its fiscal year, Koeplin Corporation purchased equipment for $50,000. At the end of the year, the equipment had a fair value of $32,000. Koeplin's controller recorded depreciation of $18,000 for the year, the decline in the equipment's value. Is this the correct approach to measuring periodic depreciation (yes/no)? Discuss.

2-On January 1, 2021, Canseco Plumbing Fixtures purchased equipment for $30,000. Residual value at the end of an estimated four-year service life is expected to be $2,000. The company expects the equipment to operate for 10,000 hours. Calculate depreciation expense for 2021 and 2022 using each of the following depreciation methods: (1) straight line, (2) double-declining balance, and (3) units-of-production using hours operated. The equipment operated for 2,200 and 3,000 hours in 2021 and 2022, respectively.

3-Refer to the situation described in BE 11-2. Assume the equipment was purchased on March 31, 2021, instead of January 1. Calculate depreciation expense for 2021 and 2022 using each of the following depreciation methods: (1) straight line, (2) double-declining balance, and (3) units-of-production using hours operated.

4-Refer to the situation described in BE 11-2. Calculate depreciation expense for 2021 and 2022 using sum-of-theyears'-digits assuming the equipment was purchased on (1) January 1, 2021, and (2) March 31, 2021

5-Lawler Clothing sold manufacturing equipment for $16,000. Lawler originally purchased the equipment for $80,000, and depreciation through the date of sale totaled $71,000. What was the gain or loss on the sale of the equipment?