On January 1st 2012, ABC Corporation placed into service a lift truck that had a capitalized acquisition cost of $45,000, estimated useful life of 15 years, and an estimated salvage value of $30,000. ABC depreciated the truck on a straight-line basis through December 31st 2019, then sold a lift truck for $26,200. In answering these questions, show your work including labeling of calculations.

1. What is the annual depreciation expense for the lift truck?

2. What was the lift trucks Book value after recognizing the depreciation on December 31st 2019?

3. What is the gain or loss if any on selling the lift truck?