7(4 Points) Company Downs a piece of equipment that cost $75,000 with a residual value of SO and a useful life of 10 years. Assume the company purchased the asset on January 15 of the first year. If the company sells the asset on January 1 of year 4, for $60,000 cash what is the amount of Gain / Loss the Company would record? Use the straight-line depreciation method out. Souage value useful life in year amou 7550 GOOD The 7500 10 Isa 3500 year of would be 8: (6 Points) Company E purchased a piece of land for its natural resources at a cost of $2,000,000. The land is expected to have a salvage value of $500,000. A lumber expert visited the property and estimated the property to have 750,000 pounds of timber. The first year, the company logged 400,000 pounds of timber and the second year, another 500,000 pounds of timber were logged. Calculate the depletion expense rate AND calculate the depletion expense the company should recognize in Year 1 and Year 2: Rate: 200 500.00 750 000 75055 Year 1: Year 2