Question 7 9.6/24 View Policies Show Attempt History Current Attempt in Progress On January 1, 2016, Sheridan Corporation acquired equipment costing $72,320. 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) Your answer is correct. Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2018. Equipment's accumulated depreciation 18080 $ 54240 Carrying amount $ Attempts: 1 of 3 used (b) Your answer is correct. 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 $19,760? Gainfrom sale of equipment $ 6200 Attempts: 1 of 3 used (c) Your answer is correct. What is the depreciation expense for January 1, 2018, to October 31, 2018? Depreciation expense $ 5650 Attempts: 1 of 3 used (d) On November 1, 2018, the company purchased additional equipment for $10,800 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 Attempts: 0 of 3 used Submit Answer Save for Later