For Questions 1-3, use the following scenario: Airways Corp plans to buy a new asset for $95,000, and the cost to move it to the airport where it will be used is $5,000. The estimated economic life of the asset is 5 years and managers have estimated the salvage value is $20,000. 1. Calculate depreciation expense and book value for Airways Corp. for the first 3 years. Year Straight-line Double-Declining-Balance Depreciation Expense Book Value at Depreciation End of Year Expense Book Value at End of Year 1 2 3 2. If Airways sells the asset for $50,00 after depreciation expense is recorded for year 2, what is the gain or loss on the sale? Straight-line Double-Declining Balance $ Amount $ Amount (show as (show as positive Indicate if it's a positive Indicate if it's a number) gain or loss number) gain or loss Loss Gain 3. Alternatively, if Airway doesn't sell the asset but discovers that the fair value of the asset is $40,000 at the very beginning of the fourth year, what is the impairment loss recognized? Double-Decli Straight-line ning Balance