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

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Question

Accounting

Sarasota Corporation 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 $1,000.
(a)
Your answer is correct.
Calculate the depreciation expense for each of the first three years under (1) the straight-line method, and (2) the double-
diminishing-balance method, assuming the company purchased the table early in the first month of the first year.
(1) Straight-line method.
Year 1$$
Year 2,$|
Year 3$
(2) Double-diminishing-balance method.
Year 1,$
Year 2$
Year 3$ Your answer is partially correct.
Assuming Sarasota sold the table for $6,000 at the end of the third year, calculate the gain or loss on disposal under each
depreciation method.
Straight-line method
$
Double-diminishing-balance method
$
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