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Use the following to answer questions 20-22 The company is in the process of...

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Accounting

Use the following to answer questions 20-22
The company is in the process of closing its operations. It sold its
5-year-old Front-end loader for $100,000. The loader originally
cost $$200,000 and had an estimated useful life of 8 years and an
estimated residual value of $25,000. The company uses straight-
line depreciation for all equipment.
$
Calculate the book value of the loader at
the end of the 5 th year.
$
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)?
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 or loss on the sale
of the loader at the end of the 5th year (if loss, put - in front of
your answer)?
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