Equipment is purchased on 1/1/X1 at a cost of $200,000. Expected Useful Life 5 years. Estimated Residual Value $10,000. The company uses the double-declining method of depreciation. Depreciation Expense for year two (X2) is A. $ 45,600 B. $ 48,000 c. $ 76,000 D. $ 80,000 E $ 128,000 The asset's book value at the end of year three (12/31/X3} is A. $ 10,000 B. $ 41,040 c. $ 43,200 D. $ 56,000 E. $190,000 Assume now that the straight-line method is used. Equipment is sold for $72,000 on 12/31/X4. What is the gain or loss on sale? A. $ 12,000 loss B. $ 14,000 loss C. $ 24,000 loss $ 12,000 gain E. $24,000 gain D