Jersey Corporation (JC) purchases an industrial press on July 1, 2021. The press costs $210,000 and management estimates its salvage value and useful life to be $10,000 and 4 years, respectively. JC recognizes depreciation on a straight-line basis, records depreciation on a monthly basis, and sells the equipment on January 1, 2024 for $10,000.

Instructions

Compute the following amounts:

1. Total depreciation expense - 2021 $ ______________

2. Total depreciation expense - 2022 $ ______________

3. Total depreciation expense - 2023 $ ______________

4. Gain (loss) on sale - 1/1/2024 $ ______________

5. Gain (loss) on sale assuming a sales price of $105,000 $ ______________