24. On April 30, 2018, Heather, Inc. discarded equipment that originally cost $40,000. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment is $2,500. Prepare Heathers journal entries for the 2018 depreciation expense and disposal of the equipment. Round to whole dollars.

25. Goodwill is the excess cost of an acquired company over the market value of its net assets. TRUE FALSE