On May 31, 2015, a company sold a storage shed. The company had purchased the shed on January 1, 2008 for $414,600. When purchased, it had been estimated to have a useful life of 16 years and a residual value of $69,000. Assume that the company has been using the straight-line method and sold the asset for $258,000. Calculate the gain or loss on disposal of the asset. The on the disposal of the asset is $ Cheney Co. paid $6,800,000 for oil & gas reserves holding an estimated 500,000 barrels of oil. The company paid $520,000 for additional geological tests of the property and $460,000 to prepare for drilling. During the first year, the company removed and sold 75,000 barrels of oil. Prepare the entry to record depletion for the first year. (Assume no residual value. Round interim calculations to the nearest cent and your final answers to the nearest whole dollar.) Date Accounts and Explanation Debit Credit