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General Corporation purchased equipment on January 1, 2021 for $97,000. It is estimated that the...

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Accounting

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General Corporation purchased equipment on January 1, 2021 for $97,000. It is estimated that the equipment will have a $17,000 residual value at the end of its 4 year useful life. Using straight line depreciation, calculate the depreciation expense for the year ended December 31, 2021. $ 1) What is the carrying value of the equipment at December 31, 20222 $ 2) What is the carrying value at December 31, 2023?$ 3) What is the carrying value at December 31, 2024?$ 4) If the company sells the equipment for $30,000 on December 31, 2023, did they create a gain or loss on sale? 5) How much is the gain or loss? $ ** Note please just type in the difference. No minus or plus signs are needed

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