(Answered) Question 1 - on december 31 strike company sold one of its

Accounting

Question 1 - On December 31, Strike Company sold one of its batting cages for $25,290. The equipment had an original cost of $252,900 and has accumulated depreciation of $227,610. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?

a. Gain of $25,290

b. Gain of $455,220

c. no gain or loss

d. cannot be determined.

Question 2 - A machine with a cost of $52,900 has an estimated residual value of $3,970 and an estimated life of 5 years or 15,216 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method?

a. $10,580

b. $21,160

c. $19,572

d. $12,696

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