The total Asset for Abbott Laboratories were in dollars billions: $72,548 (in 2020) and $67,887 9in 2019). Using total assets as your cost, assume 15% salvage value, 7yr estimated useful life, and assume the asset was purchased on May 1st 2019 (assume cos year-end is Dec 31).

REQUIRED

1. For 2019 and 2020 only: Calculate Depreciation Exp using Straight Line, Double Declining Balance and Sum of the Years Digits

2. For all 3 of the depreciation methods above, show the Net Book Value at 12/31/20

3. Using Straight Line Depreciation, assume the co sold this asset on June 30th of 2021 for 80% of the original cost:

a. calculate any gain or loss on the sale

b. make the entry to record the sale of the asset