Question: I need the answer as soon as possible Problem (5 Points) The ABC Company purchased equipment that cost $100,000 cash on January 1, 2016. The

I need the answer as soon as possible

Problem (5 Points) The ABC Company purchased equipment that cost $100,000 cash on January 1, 2016. The equipment had an expected useful life of five (5) years and an estimated salvage value of $10,000. Assuming that ABC depreciates its assets under the straight-line method, the amount of depreciation expense appearing on the 2018 income statement and the amount of accumulated depreciation appearing on the December 31.2 balance sheet would be: 1. 018 Depreciation Expense in 2018: Accumulated Depreciation at the end of 2018: Bonus Question (2 Points) Assume for the moment that the equipment purchased by ABC in the problem above is sold for $10,000 at the end of 2018. What is the amount of the gain or loss from the sale of the asset? 1. Ans

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