Sale of equipment

Equipment was acquired at the beginning of the year at a cost of $35,250. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of ten years and an estimated residual value of $690.

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a. What was the depreciation for the first year? fill in the blank 1 of 1$

b. Assuming the equipment was sold at the end of year 2 for $8,150, determine the gain or loss on the sale of the equipment. fill in the blank 1 of 1$

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c. Journalize the entry on December 31 to record the sale. If an amount box does not require an entry, leave it blank.

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Double-declining-balance depreciation

A building acquired at the beginning of the year at a cost of $63,600 has an estimated residual value of $5,100 and an estimated useful life of four years. Determine the following. (a) The double-declining-balance rate (b) The double-declining-balance depreciation for the first year