Question $2$: On April $30,2008,$ Wilson Company sold a used piece of manufacturing equipment for $$6,500.$ The equipment had been purchased on January $1,2005$ for $$50,000.$ The equipment was estimated to have a useful life of $4$ years, with a residual value of $$2,000.$ The equipment had been amortized using the straight$-$line method. Amortization was last recorded for the year ended December $31,2007.$

Instructions:

a$)$ Calculate the net book value on December $31,2007.$

b$)$ Record the amortization for $2008.$

c$)$ Calculate the gain or loss on disposal.

d$)$ Record the sale of the equipment on Apr $30,2008.$