The company is in the process of closing its operations. It sold its 5-year-old Caterpillar 279C Compact Track Loader for $80,000. The loader originally cost $170,000 and had an estimated useful life of 8 years and an estimated residual value of $30,000. The company uses straight-line depreciation for all equipment.

20. $___________Calculate the book value of the loader at the end of the 5th year.

21. $___________What was the gain or loss on the sale of the loader at the end of the 5th year; (if loss, put in front of your answer)?

22. $___________ Assume instead the company had originally estimated the Equipment had an estimated useful life of 7 years instead of 8 years. What would be the gain/loss on the sale of the loader at the end of the 5th year?