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Novak Corp. purchased a boardroom table for $16,000. The company planned to keep it for...

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Accounting

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Novak Corp. purchased a boardroom table for $16,000. The company planned to keep it for four years, after which it was expected to be sold for 52,000 . (a) Your answeriscorrect: Calculate the depreciation expense for each of the first three yefrs under the straight-line method and the double-diminishingbalance rnethod, assuming the table was purchased early in the first month of the first vear: (1) Straight-line method. Year 1 Year 2 Year 3 Assuming Novak sold the table for $5,800 at the end of the third year, calculate the gain or loss on disposal under each deprectation method

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