1 Ng's Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20-year life, and no anticipated salvage value. Ng uses the straight-line depreciation method. Review the following three independent cases, and prepare the journal entry to reflect the disposition of the boat in each case. Case 1 After 8 years of ownership, the boat was taken by a storm. Boat 100,000 Loss 150.000 Accumulated Depreciation 250,000 Boat 100,000 Gain 150,000 Accumulated Depreciation 250,000 Accumulated Depreciation 100.000 Boat 150,000 Loss 250.000 Accumulated Depreciation 100.000 LOSE 150.000 Boat 250,000