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An asset with a cost of $540,000, estimated life of 5 years, and residual value of $90,000, is depreciated by the straight-line method. This asset is sold for $380,000 at the end of the second year of use. Required: 1. Compute accumulated depreciation at the end of the second year of use. $180000 2. Compute gain or loss on the sale of the asset $20000 Gain