Question 3 (3 points) On July 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 500000 plus installation costs of $ 45000 that were necessary to make the equipment operational. ABC. Ltd. has a December 31, fiscal year end and uses the straight line depreciation method. The piece of equipment is expected to have a useful life of 18 years at which time it will have a residual value of $ 60000. What is the book value of the equipment as of December 31, year 3. Round your answer to the nearest dollar. Your Answer: Answer Question 4 (2 points) On January 1, year 1, ABC. Ltd. purchased a piece of equipment with a cost of $ 150000. The equipment has a useful life of 15 years and a residual value of $ 15000 and is being depreciated under the straight line method. The equipment was sold on July 1, year 3 for $ 50000. Calculate the gain or loss on disposal. If the amount is a gain, enter the answer as a positive amount below (i.e. 20000). If the amount is a loss, enter the answer as negative amount below (i.e. -20000). Your