Use the following information to answer questions 1-5. A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years, and a residual value of $300. 1. Determine depreciation expense for year one using the straight-line method. (Points : 3) $300 $3900 $600 $675 2. Determine depreciation expense for year one using the double-declining-balance method. (Points : 3) $3900.00 $1462.50 $2437.50 $1500.00 3. Determine depreciation expense for two using the straight-line method. (Points : 3) $300 $3900 $600 $900 4. Determine depreciation expense for year two using the double-declining-balance method. (Points : 3) $1218.75 $3900 $2437.50 $1500.00 5. If the equipment is sold at the end of year one for $3225, what will be the gain or loss on the sale, assuming that the company used the straight line method of depreciation. (Points : 3) $1000 $100 $2225 $0