Sampson Iron Mills has decided that one of their furnaces in no longer capable of heating sufficient quantities of metal to meet the company's needs.

Use the following to answer questions 4-7: Sampson Iron Mills has decided that one of their furnaces is no longer capable of heating sufficient quantities of metal to meet the company's needs The furnace was built by Sampson 18 years ago for $3,000,000 After completing the project, the company decided that the furnace would be useful for 19 years with a salvage value of S100,000 Sampson uses straight- line depreciation for all of their PPE 4.4 (7 points) Make the appropriate journal entry for Sampson to sell the furnace to a smaller mill for $150,000. (A 18) 5.4 (6 points) Make the appropriate journal entry for Sampson to abandon the furnace. (A 18 6.4 (8 points) Assume that Sampson has a 25% tax rate. Using this rate, what will be the net effect of the sale and the abandonment on Sampson's NI for the period. What if Sampson has a 35% tax rate HINT: I want a dollar amount. Don't just tell me if NI will go up or down!) (A 35) 7.4 (5 points) Based on your answers to the previous question, do you think that Sampson should sell the asset or abandon it? Defend your