5) On May 1, 2020, Chomps purchases a vehicle for $50,000. We estimate the vehicle has a 5 year useful life and zero salvage value. What is the annual Depreciation Expense using Straight Line? Using the Straight Line method, prepare a depreciation schedule for the vehicle.

6) On May 1, 2023, Chomps sells the vehicle for $10,000 cash. What is the Accumulated Depreciation as of the Date of Sale? What is the Net Book Value as of the Date of Sale? What is the gain or loss on the sale? Prepare the journal entry to record the sale.