27. A truck was purchased for $20,000. It has a 4-year life and a $2,000 salvage value. Using straight-line depreciation, what is the asset's book value after three years? 28. What is gain or loss recognized when a piece of equipment costing $12,000 with an estimated salvage value of $1,000 and useful life of 4 years is sold for $7,400 at the end of year 2