Question: Determine the depreciation and book value based on the information provided. First & Second Street purchased equipment for $26,000. It is estimated to have a

Determine the depreciation and book value based on the information provided. First & Second Street purchased equipment for $26,000. It is estimated to have a salvage value of $1,000. The equipment has a 5-year life. -If the asset was purchased on 4/1/16, what is the depreciation recorded in 2016? -If the asset was purchased on 4/1/16, what is the depreciation recorded in 2017? -What is the amount of accumulated Depreciation at 12/31/17? -What is the book value at December 31, 2017, based on your answers provided above? -If the asset is sold on 1/1/18 for $17,000 cash, what is the amount of gain or loss?

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