Q3/

On January 1, 2016, Cullumber Corporation acquired equipment costing $77,440. It was estimated at that time that the equipment would have a useful life of eight years and no residual value. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31.

A/

Calculate the equipments accumulated depreciation and carrying amount at the beginning of 2018.

Equipments accumulated depreciation		$
Carrying amount		$

B/

What is the amount of the gain or loss that would arise when a quarter of the equipment was sold on January 1, 2018, for cash proceeds of $18,540?

LossGainfrom sale of equipment

$

C/

What is the depreciation expense for January 1, 2018, to October 31, 2018?

Depreciation expense

$

D/

On November 1, 2018, the company purchased additional equipment for $10,320 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

$

E/

On December 31, 2018, the company sold some equipment for a loss of $2,820. After recording the sale, the balances in the Equipment account and Accumulated Depreciation account were $55,960 and $15,256, respectively. Based on this information, what were the proceeds received when this equipment was sold?

Cash proceeds from sale

$