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Tallarico Corporation (TC) purchases a stamping press on July 1, 2020. The press cost $53,000 and management estimates its salvage value and useful life to
Tallarico Corporation ("TC") purchases a stamping press on July 1, 2020. The press cost $53,000 and management estimates its salvage value and useful life to be $3,000 and 5 years, respectively. TC recognizes depreciation on a straight-line basis and sells the equipment on January 1, 2023 for $11,000. Instructions Compute the following amounts: 1. Total depreciation expense - 2020 $ 2. Total depreciation expense-2021 $ 3. Accumulated depreciation - 12/31/2022 $ 4. Net book value of the stamping press - 12/31/2022 $ 5. Gain (loss) on sale - 1/1/2023 $ 6. Gain loss) on sale assuming a sales price of $0 $
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