Kelly Petroleum Products owns fully depreciated furniture that was purchased for $26,500. The furniture had an estimated useful life of 8 years and an estimated residual value of $2,500. The furniture was sold for $2,700. Gain from the sale of asset is $ ......... (fill the blank please )

If an asset is fully depreciated, but it can continue to be used, the asset account and accumulated depreciation balance remain on the books, and no further depreciation is recorded (true or false)

The maturity date for a six-month note issued on January 15 would be ..... (fill the blank)