depreciation

straight-line method

+ 1/1/2022 $25,000 20 21 22 232) 24 25 26 27 28 29 30 date placed in service: cost: useful life: sales price date sold: 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. 31 32 33 34 35 36 37 38 d) Assume the fixed asset was sold for $5,000 on 12/31/2024, calculate the gain or loss on the sale