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The following information is available on a depreciable asset owned by Mutual Savings Bank Purchase date Purchase price Salvage value Useful life Depreciation method July 1, Year 1 $115,606e $11,200 12 years straight-line The asset's book value is $98,200 on July 1, Year 3. On that date, management determines that the asset's salvage value should be $6,200 rather than the original estimate of $11,200. Based on this information, the amount of depreciation expense the company should recognize during the last six months of Year 3 would be Multiple Choice $2,455.00 $2,300.00 $4,600.00 $2,233.04 $2,020.00 An asset's book value is $43,200 on January 1, Year 6. The asset is being depreciated $600 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $29,400, the company should record: Multiple Choice Neither a gain or loss is recognized on this type of transaction. A gain on sale of 3,000 A loss on sale of 1,500 A gain on sale of 1,500 A loss on sale of 3,000 Doc's Ribhouse had beginning equity of $52,000; net income of $35,000, and dividends of $12,000. There were no stockholder investments during the year. Calculate the ending equity. Multiple Choice $(5,000) $29,000 $5,000 $99,000 $75,000 The statement of cash flows: Multiple Choice Reports how equity changes at a point in time. Reports how equity changes over a period of time. penon nme fos or opertig fnandng ondinesing ciever a of time. Reports on cash flows for operating, financing, and investing activities at a point in time Reports on amounts for essets, libilities, and equity at a point in time