Rice Company bought new fixtures for its retail store for $148,000. It had an estimated residual value of $11,200 and an estimated useful life of 8 years.

Part a.

Compute the annual depreciation expense, the balance in the accumulated depreciation account and the book/carrying value each year of its useful life. Use the spreadsheet provided or upload your own schedule to show this information.

Part b.

If the asset was sold at the end of the 6^th year for $27,000, compute the gain or loss to be recognized by Rice Company.

Part c Assume the fixtures had an estimated useful life of 100,000 hours instead of 8 years. Compute annual deprecation expense, accumulated depreciation and book/carrying value for the first 4 years based on the following usage:

Year 1 5,500 hours

Year 2 10,750 hours

Year 3 11,200 hours

Year 4 6,300 hours

Please show all work and label financial statement and account names.