3 Cutter Enterprises purchased equipment for $57,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $4,200 Using the double-declining-balance method, depreciation for 2021 and the book value at December 31, 2021, would be 251-16 Multiple Choice 521120 and $35.880 respectively $22.800 and 530.000 respectively $22.800 and $34 200 respective Pensacola Inc exchanged old equipment for new equipment in two exchange transactions. Each transaction has commercial substance old Equipment Book Value Fair Value $73,800 $81,400 $61,800 $54,100 Cash Received $12,500 $10,300 1:05 Equipment A Equipment B For Equipment A Pensacola would record the new equipment at Multiple Choice 573150 Pro ZA 25 An asset was acquired on August 1, 2021, for $39,000 with an estimated five-year life and $4,200 residual value. The company uses straight-line depreciation Calculate the gain or loss if the asset was sold on April 30, 2023, for $23,000, Partial-year depreciation is calculated based on the number of months the asset is in service 8 02:50:56 Multiple Choice $5.220 gain 510 440 gain 53.320 loss