Graphics Service Co. purchased a new color copier at the beginning of 2014 for $38,140. The copier is expected to have a five-year useful life and a $6,080 salvage value. The expected copy production was estimated at 2,000,000 copies. Actual copy production for the five years was as follows:
Calculate the amount of gain or loss from the sale of the asset under each of the depreciation methods.
Double Declining Balance:
Units of Production:
2014 548,400
2015 478,000
2016 375,500
2017 387,400
2018 240,100
Total 2,029,400
The copier was sold at the end of 2018 for $6,480.