Assume that Jittery Moes Corporation purchased an asset on January 1, 2012 for $72,400. The asset has an estimated useful life of four years and an estimated salvage value of $8,000.

Assume that Gator Company used the double-declining method to depreciate the asset.

1. What is the recorded amount of depreciation expense for 2015 (year 4)?
2. Assume Jittery Moes sold the asset on January 1, 2014, and received $43,500 cash. Calculate the gain/loss on the sale of the asset?