S b $ balance depreciation methods. (20 pts) Straight-line S 200%-declining-balance S 2009 2010 a $ b d 4. Star Hotels paid $580,000 cash for FF&E on January 1, 2003. The furniture, fixture, and equipment are depreciated on a straight-line basis. Estimated useful life was 8 years, with no residual value. After owning the FF&E for five years, Louisville Farms decided to renovate the hotel and sold the FF&E on December 31, 2008, for cash of $98,000. (20 pts) Compute the depreciation expense for the year 2008. Compute the book value of the FF&E at December 31, 2008, the date of sale. S Compute the gain or loss on the sale of the FF&E. (gain/loss) In the space provided below, prepare the journal entry to record the sale of the stallion on December 31, 2008. 2008 December General Journal 31