If you have mastered the generic problem above, your actual textbook’s Mastery Problem might add these wrinkles:
(additions or improvements that extend the asset’s life, which are added to the asset account). Finally, when the asset is retired or sold, you must: Update depreciation to the date of disposal. Remove the asset and its Accumulated Depreciation from the books. Record any cash received and recognize a (if cash > book value) or a (if cash < book value). Summary for Success Accounting Chapter 9 Mastery Problem Answers
If Cash > Book Value → Credit Gain. If Cash < Book Value → Debit Loss. If you have mastered the generic problem above,
(Cost - Salvage Value) / Total Estimated Units. This treats depreciation as a variable cost based on actual usage (miles driven, hours run). Declining-Balance: hours run). Declining-Balance: