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Be You purchased a new piece of equipment on January 1, 2018 for $325,000. The equipment had an estimated useful life of 4 years and an estimated salvage value of $10,000. Which of the following statements is incorrect? If the equipment is still in service at the end of its useful life, it will have a book value of $10,000. If the company uses the double declining balance method for depreciation, the depreciation expense reported in 2018 would have been $162,500. If the equipment is discarded after it is fully depreciated, a loss of $10,000 will be reported on the income statement. If the equipment was sold for $90,000 on December 31, 2020 and the company used the straight line method for deprecation, the company would have reported a gain on the sale of $1,250 in 2020. The depreciation expense recognized over the useful life of the equipment would have resulted in a cash outflow of $315,000