An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was five
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An asset was purchased for $30,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $4,000. The straight line method of depreciation was used. Calculate the gain or loss if the asset is sold for $21,000 on December 31, 2019, the last day of the accounting period. A. $3,800 loss B. $1,900 gain C. $3,800 gain D. no gain or no loss Gulfcoast Company purchased a van on January 1, 2019, for $840,000. Estimated life of the van was five years, and its estimated residual value was $104,000. Gulfcoast uses the straight line method of depreciation. Calculate the book value of the van at the end of 2019. A. $682,500 B. $787,500 C. $692,800 D. $736,000
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