### Compute the depreciation expense on the printer

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Questions -

Q1. Prinkle Corporation had purchased equipment for \$50,000 on January 1, 2015. On December 31, 2017, the corporation sold the equipment for \$23,000. Accumulated Depreciation as of December 31, 2017 was \$25,000. Calculate gain or loss on sale.

Q2. On July 31, 2015, Colora Printers purchased a printer for \$50,000. It expects the printer to last for four years and has a residual value of \$2,000. Compute the depreciation expense on the printer for the year ended December 31, 2015, using the straight-line method.

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