Erickson Electricity bought a utility truck for $ 70,000. The utility truck is expected to have an eight-year useful life and a salvage value of $ 6,000.

Hello, can someone answer this correctly? I am having trouble.

1. Calculate the accumulated depreciation, and the book value if Erickson sells the utility truck for $40,000 after four years, how much gain or loss would Erickson realize? 2. Given the same information except that the utility truck was held for 6 years and sold for $17,000. Let's start by determining the formula to calculate the book value. Annual depreciation. ( Cost Salvage value) Book value Enter the gain or loss for each of the scenarios. (Use parentheses or a minus sign to indicate a loss.) Proceeds from sale- Book value 38000 22000 Gain (Loss) 2000 40000 2. 17000 (5000