Question 6 (5 points) Assume the following details for equipment that was purchased on January 1, 2019: Purchase Price: $985,000 Estimated Useful 9 years Life: Estimated Useful 750,000 units Life: Estimated scrap $25,000 (residual) value: Production in year 1 55,800 units (2019) Production in year 2 65,200 units (2020) Production in year 3 75,000 units (2021) The company follows the straight line method of depreciation for this asset. It is sold on July 1, 2024 for $300,000. The company's year-end is December 31. Required: 1. Calculate the annual depreciation expense for this asset. (2 marks) 2. Calculate the carrying amount on July 1, 2024, the date of the sale. (2 marks) 3. Calculate the gain or loss that will be recorded when the asset is sold; you must indicate whether the amount is a "gain" or "loss". (1 mark) The company follows the straight line method of depreciation for this asset. It is sold on July 1, 2024 for $300,000. The company's year-end is December 31. Required: 1. Calculate the annual depreciation expense for this asset. (2 marks) 2. Calculate the carrying amount on July 1, 2024, the date of the sale. (2 marks) 3. Calculate the gain or loss that will be recorded when the asset is sold; you must indicate whether the amount is a "gain" or "loss". (1 mark) Show all of your work. Use the following symbols to show your calculations: add (+), subtract (-), multiply (x), divide (/) All final answers should be rounded to the nearest whole dollar (example: round $15,369.35 to $15,369)