4. Based on Problem 11-44 A $400,000 asset has been depreciated with the straight-line method over an eight-year life. The estimated salvage value was $70,000. At the end of the sixth year, the asset was sold for $100,000. (a) What is the estimated book value after 6 years, based on depreciation? What is the calculated difference between book value and sold market value for the asset? (Round both answers to the nearest dollar.) (b) Which of the following occurred: Recaptured Depreciation, Loss on Disposal, or Capital Gain? (c) If this method of depreciation were allowed under tax law, would the sale of the asset increase or decrease tax owed by the firm