Acompany purchases equipment for $62,500 on January 1. It has an estimed residual value of $2,800 and an estimated useful life of 5 years. The company uses the declining balance method of depreciation. Determine the amount of depreciation expense for the FIFTH year 14. A company purchases equipment for $82,500 on January 1. It has an estimed residual value of $5,000 and an estimated useful life of 5 years. The company uses the straight-line method of depreciation. The company sells the equipment on 12/31 after 3 full years of ownership for $40,300 cash. Determine the amount of gain or loss on the sale. (Enter a loss as a negative number.) 15. After the adjusting entry is made to set up the estimate for uncollectible accounts, Accounts Receivable has a debit balance of $516,200, Note Receivable has a debit balance of $32,000, and Allowance for Doubtful Accounts has a credit balance of $20,600. What is the net realizable value of the Accounts Receivable? 16