Problem 9-5A a-e On January 1, 2016, Blossom Corporation acquired equipment costing $70,680. It was estimated at that time that the cquipment would have a ucaful life of cight years and no residual valua. The company uses the straight-ine mathod of depreciation for its equipment, and its yoar end is December 31. ation a Caloulate the equipment's accumulated depreciation and carrying amount at the beginning of 2018 Equipmant's accumu Carrying amount SHOW SOLUTION what is the amount of the gain or loss that would arise when quarter of the equipment was sold on January 1, 2018, for cash proceeds of $18,140? from sale of equipment $ What is the depreciation expensc for January 1, 2018, to October 31, 2018? Depreciation expense s SHOW SOLUTION On November 1, 2018, the company purchased additional equipment for 9,600 that also had a useful life of eight years and no residual value. What is the depreciation for the two months ending December 31, 2018? Total depreciation for 2 months SHOW SOLUTION on this informetion On December 31, 2018, the company sold some equipment for a loss of $2,950. After recording the sale, the balarces in the Equipment account and Accumulated Depreciation account were $57,760 and $16,326, respectively. Based on this information, what were the proceeds received when this equipment was sold? Cash proceeds from sale