1.ABC has an asset that cost $100,000 has a book value of $75,250. It was sold for $74,100. ABC would record a:

2. Equipment acquired $48,000 has an estimated residual value of $6,000 and an estimated useful life of 12 years. It was placed in service on October of the current year. What is the depreciation expense for this year ending December 31 using the straight line method?

3.Equipment acquired at the beginning of the fiscal year at a cost of $320,000 has an estimated residual value of $40,000 and an estimated useful life of 10 years. What rate would be applied using the double-declining-balance method?