depreciation

6/1/2022 $140,000 date placed in service: cost: useful life: sales price date sold: 7 yrs $10,000 12/31/2027 a) What is the depreciation expense for yr 1 using the straight-line method? $20,000 b) What is the net book value of the fixed asset at the end of year 9? c) What is the depreciation expense for yr 8 using the straight-line method? d) Calculate any gain or loss when the fixed asset is sold. date placed in service: cost: useful life: sales price date sold: 1/1/2022 $25,000 5 yrs $10,000 12/31/2025 a) What is the depreciation expense for yr 1 using the straight-line method? b) What is the depreciation expense for yr 2 using the straight-line method? c) Calculate any gain or loss when the fixed asset is sold. d) Assume the fixed asset was sold for $5,000 on 12/31/2024, calculate the gain or loss on the sale. date placed in service: cost: useful life: sales price date sold: 8/1/2022 $40,000 10 yrs $10,000 12/31/2030 a) What is the depreciation expense for yr 1 using the straight-line method? b) What is the depreciation expense for yr 2 using the straight-line method? c) Calculate any gain or loss when the fixed asset is sold. d) What is the balance in the accumulated depreciation account on 12/31/2028? date placed in service: cost: useful life: sales price date sold: 7/1/2022 $24,000 3 yrs $1,000 12/31/2026 a) What is the depreciation expense for yr 1 using the straight-line method? b) What is yr 1 depreciation expense using the double declining balance method? c) What is the depreciation expense for yr 6 using the straight-line method? 4/1/2022 $500,000 date placed in service: cost: useful life: sales price date sold: 10 yrs $10,000 12/31/2047 a) What is the depreciation expense for yr 1 using the straight-line method? b) What is the balance in the accumulated depreciation account on 12/31/2023? c) Calculate any gain or loss when the fixed asset is sold date placed in service: cost: useful life: sales price date sold: 1/1/2022 $1,200,000 10 yrs $100,000 12/31/2030 a) Calculate any gain or loss when the fixed asset is sold. b) What is the balance in the accumulated depreciation account on 12/31/2028? c) Assume the fixed asset was sold for $5,000 on 12/31/2036, calculate the gain or loss on the sale