please solve all 3 questions as soon as possible

14. Rhett Company exchanged equipment that cost $66,000 and has accumulated depreciation of $30,000 for equipment with a fair value of $48,000 and received $12,000 cash. The exchange lacked commercial substance. The gain to be recognized from the exchange is a. $0. b. $6,000 gain. c. $18,000 gain. d. $24,000 gain. 2. Which of the following is not true of depreciation accounting? a. Depreciation lowers the book value of the asset as it ages and its fair value declines. b. Depreciation matches expenses against revenues over the periods which benefit from the asset's use. c. Depreciation is a process of cost allocation. d. Tangible assets with limited lives are depreciated. 9. Antigua Company purchased a depreciable asset for $45,000 on October 1,2020 . The estimated salvage value is $9,000, and the estimated useful life is 6 years. The straight-line method is used for depreciation. What is the book value on July 1, 2022 when the asset is sold? a. $10,500 b. $15,750 c. $25,500 d. $34,500