GAINS and LOSSES Logan purchased a machine on 01/01/17. Use the following data in your calculations: COST SALVAGE VALUE LIFE DEPRECIATION METHOD: SL What is the depreciation amount per year? What is the Accumulated Depreciation after 3 years? What is the book value of the asset at the end of year 3? The machine was sold at the end of 3 years for cash of $8,500. Did the company make a GAIN or a LOSS? What was the AMOUNT of the gain or loss? General Journal 14,000 3,000 5 YEARS