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 Requirements 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. Book value Enter the galn or loss for each of the scenarios (Use parentheses or a minus sign to indicate a loss.) Gain (Loss) 1