An asset was acquired on January 1, 2021, for $28,000 with an estimated four-year life and $4,000 residual value. The company uses straight-line depreciation Calculate the gain or loss if the asset was sold on December 31, 2023, for $10,200. Multiple Choice $200 gain $4,200 gain $5.800 loss On July 1, 2021, Markwell Company acquired equipment. Markwell paid $207,500 in cash on July 1, 2021, and signed a $830,000 noninterest-bearing note for the remaining balance which is due on July 1, 2022. An interest rate of 6% reflects the time value of money for this type of loan agreement (PV of $1. PVA of $1 (Use appropriate factor(s) from the tables provided.) Which of the following should be included in the journal entry on July 1, 2021? (Round intermediate and final answer to nearest whole dollar amount.) Multiple Choice Credit: Notes payable, $783,022. Debit: Equipment, $1,037,500. Credit: Notes payable, $783,022 and Debit: Discount on notes payable, $46,978. Debit: Discount on notes payable, $46,978