P8-41 (similar to) Question Help Katie Corporation bought a large piece of equipment for 56,700,000 during 2016. When the company purchased the equipment, it estimated a useful life of eight years ignoring the year of acquisition and a residual value of $300,000. During 2019, the equipment was sold for $4,500,000. The company does not record depreciation expense in the year of acquisition or disposal Required Requirement a. Calculate the depreciation expense for 2016, 2017 and 2018, and compute any gain or loss on disposal for 2019assuming the company used the straight-line method to determine depreciation expense Begin by completing the analysis below to show the book value (BV) of the equipment at the beginning of the year (BOY) and end of the year (E.OY) along with the depreciation and accumulated depreciation amounts each year for 2016, 2017 and 2018 (Round to the nearest dollar Enter a "O" for any zero balances) Straight line BVBOY Depreciation Accum. Depr BVE OY 2016 $ 6,700,000 2017 2018 Enter any number in the edit fields and then click Check