Question 2 2 pts A piece of equipment is purchased for $110,000 and has an estimated salvage value of $10,000 at the end of the recovery period. What is the book value of this equipment after 3 years if the depreciation is calculated using the straight-line method with a recovery period of seven years $67.142.86 $50,000.00 $62,857.14 $81.428.57 e $52,857.14 Question 3 2 pts A piece of equipment purchased for $40,000 and has an estimated salvage value of $1,000 at the end of the recovery period. Prepare a depreciation schedule for the piece of equipment using the sum-of-the-years method with recovery period of 5 years. What is the book value of the equipment after year 3? $8,800 $16,600 $3,600 $30,000 $16,667