Company A purchases a stamping press on July 1, 2020. The press cost $53,000 and management estimates its salvage value and useful life to be $3,000 and 5 years, respectively. TC recognizes depreciation on a straight-line basis and sells the equipment on January 1, 2023 for $11,000. Instructions Compute the following amounts:

1. Total depreciation expense - 2020 $

2. Total depreciation expense - 2021 $

3. Accumulated depreciation - 12/31/2022 $

4. Net book value of the stamping press - 12/31/2022 $

5. Gain (loss) on sale - 1/1/2023 $

6. Gain (loss) on sale assuming a sales price of $0 $