Answer each of the following questions. Assume the asset was purchased at the beginning of the year. 1. A plant asset purchased for $550,000 has an estimated life of 10 years and a residual value of $27,500. Depreciation for the second year of use, determined by the declining-balance method at twice the straight-line rate is $ 2. A plant asset purchased for $484,000 at the beginning of the year has an estimated life of 5 years and a residual value of $44,000. Depreciation for the third year, determined by the sum-of-the-years'-digits method is $ 3. A plant asset with a cost of $594,000, estimated life of 5 years, and residual value of $99,000, is depreciated by the straight-line method. This asset is sold for $418,000 at the end of the second year of use. The on the disposal is $