Problem $6-29($Algo$)$ Determine depreciation method used and date of asset acquisition; record disposal

of asset LO $6-3,6-6$

The balance sheets of Tully Corporated showed the following at December $31,2023$ and $2022$:

Required:

a$.$ If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first

acquired, what is the amount of depreciation expense for $2023?$

b$.$ Assume the same facts as in part a$,$ and assume that the estimated useful life of the equipment is five years and the estimated

salvage value is $$24,500.$ Determine:

What the original cost of the equipment was.

What depreciation method is apparently being used.

When the equipment was acquired.

c$.$ Assume that the equipment is sold on December $31,2023,$ for $$88,200.$ Prepare the horizontal model and record the journal entry

for the sale of the equipment. Indicate the financial statement effect.

Complete this question by entering your answers in the tabs below.

Required B$1$

Required B$2$

Required B$3$

Required C$2$

Assume that the equipment is sold on December $31,2023,$ for $$88,200.$ Prepare the horizontal model for the sale of the equipment. Indicate the financial statement effect.

Note: Enter decreases with a minus sign to indicate a negative financial statement effect.