Venkat Engineering decided to dispose of his old industrial evaporator and upgrade to a new

model. He had purchased the old evaporator on January $1,2012$ for $$12,700.$ There was no

salvage$/$residual value and the useful life Venkat had used was $5$ years. Venkat depreciated his

machinery using a Straight Line basis.

On December $31,2016,$ Venkat talked Chris into paying him $$625$ for the above referenced

equipment.

a$)$ Calculate the Book Value at time of sale

$

b$)$ Calculate Venkat's gain or loss on this sale? Enter a loss as a negative value.

$

c$)$ Journalize this sale on Venkat's books on December $31,2016.$