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Depreciation and amortization methods and useful lives

Buildings	150% declining balance; 25 years
Machinery and equipment	Straight-line; 10 years
Automobiles and trucks	150% declining balance; 5 years, all acquired after 1999
Leasehold improvements	Straight-line

• Depreciation is computed to the nearest month.
• Salvage values of depreciable assets are immaterial except for automobiles and trucks, which have estimated salvage values equal to 15% of cost.

Additional information

• On September 30, Year 5, a truck with a cost of $48,000 and a carrying amount of $30,000 on December 31, Year 4, was sold for $23,500.
• On December 20, Year 5, a machine with a cost of $17,000, a carrying amount of $2,975 on the date of disposition, and a fair value of $4,000 was given to a corporate officer in partial liquidation of a debt.

Enter the appropriate monetary values in the designated cells below for items properly classified as PPE. Indicate negative numbers by using a leading minus (-) sign. If no entry is necessary, enter a zero (0) or leave the cell blank.

Yankee Co. GAIN ON DISPOSITION OF PROPERTY, PLANT, AND EQUIPMENT For the Year Ending December 31, Year 5

Item	Selling price	Carrying amount	Gain
Sale of truck
Machine exchanged for debt
Totals