) If the 150% declining balance method is being used and an asset has a useful life of 20 years what is the depreciation rate?

) Mayer Instrumentation sold a depreciable asset for cash of $300,000. The original cost of the asset was $1,200,000. Mayer recognized a gain of $45,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale?

Dietz owned a delivery van with a book value of $2,000 (old van). It traded this old van in on a new one which cost $16,000 (Price=cost of the new van). The dealer allowed Dietz a trade-in allowance of $3,500 on the old van, and Dietz paid the remainder in cash. Compute the following. The gain on disposal of old van to be reported in Dietzs financial statement