I am taking a timed test. I need these answers within an hour please, thank you. 1. Asphalt Inc. lays asphalt in parking lots and roadways. This year they were awarded the state roadway contract and decided to purchase new equipment. Asphalt purchased a new piece of equipment with a cost of $43,600 and a $6,000 salvage value, and placed it into service on April 1, Year 1. The equipment was installed at an additional cost of $3,400. The estimated life of the equipment is 8 years. Required: Calculate depreciation expense for year 1 using the straight-line method. Calculate depreciation expense for year 2 using the double-declining balance method Calculate depreciation expense for year 1 using the straight-line method Calculate depreciation expense for year 2 using the double-declining balance method 2. At the end of 2010 Sorter Company has accounts receivable of $900,000 and an allowance for doubtful accounts of $40,000. On January 16, 2011, Sorter Company determined that its receivable from Ordonez Company of $8,000 will not be collected, and management authorized its write-off. What is the net realizable value of Sorter Company's accounts receivable after the write-off of the Ordonez receivable?