Solution for QID #40137: Part 4: Long-lived assets (3 questions, 15 points) On Jan | StudyHelpMe

Part 4: Long-lived assets (3 questions, 15 points) On January 1, 2015, Maple Inc. purchased an equipment at a cost of $74,000. The estimated useful life of the equipment is 5 years, with a residual value of $4,000. The firm applies the straight-line depreciation method over the useful life of the equipment and has a December 31, fiscal year-end.    What is Maple's (1) depreciation expense and (2) net book value of the equipment for the year 2016? (No need to show your work)        (1) The depreciation expense for the year 2016 is  ___        (2) The net book value of the equipment on December 31, 2016 is ____     On June 30, 2017, Maple Inc. sold the equipment for $20,000 in cash. Record the journal entry related to the disposal of equipment.  (Hint: there should be two journal entries)