Problem C (33 points) -PROBLEMS- INSTRUCTIONS: Solve each of the following problems and record the answers in the Answers column. For Scorin Answers If the cost of a fixed asset is $50,000 and its accumulated depreciation is $35,000, its book value is 0. $15,000 1-3. Equipment costing $250,000 is sold for $60,000. 1. If the accumulated depreciation was $150,000, the amount of gain or loss (G or L) is. 2. If the accumulated depreciation was $200,000, the amount of gain or loss (G or L)is If the accumulated depreciation was $250,000, the amount of gain or loss (G or L) is. A patent with a cost of $200,000 has an estimated useful life of 10 years and a legal life of 20 years. The annual amortization is........... Machinery acquired on the first day of the current fiscal year for $550,000 has an estimated useful life of 5 years or 50,000 hours and 3. 3, 4. 4. 5-7. a residual value of $0. Determine the depreciation for the current year by each of the following methods: 6. 6. Double-declining-balance. 7. Units-of-production (the equipment was used for 5,000 hours during 7. the year)... Based on the data in Question 5-7, and assuming that the machinery was used for 10,000 hours in the second year, determine the depreciation for the second year by each of the following methods: 8-9. 8 8. Double-declining-balance. 9. Units-of-production. 10-11. Based on the data in Question 5-7, and assuming that the machinery was used for 5,500 hours in the third year, determine the depreciation for the third year by each of the following methods: 10. 10. Double-declining-balance 11. Units-of-production