2. An asset was purchased for $121,000 on January 1, Year 1, and originally estimated to have a useful life of 9 years with a residual value of $5,000. At the beginning of the third year it was determined that theremaining useful life of the asset was only 4 years with a residual value of $2.400. Compute the third-year depreciation expense using the revised amounts and straight-line method.Oa 12137221Ob. 12437211On 12237232Od. 12237232 Equipment was acquired at the beginning of the year at a cost of $76,080. The equipment was depreciated using the straight line method based upon an estimated useful life of 6 years and an estimated residual valueof $7,500.Requireda. What was the depreciation expense for the first year?11430b. Assuming the equipment was sold at the end of the second year for $57.500. determine the gain or loss on the sale of the equipment.c. Joumalice Accounting numeric field junt box does not require an entry leave it blank

Name: 2. An asset was purchased for $121,000 on January 1, Year 1, and origi
Uploaded: 2024-03-05T11:50:36.000Z
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Description: 2. An asset was purchased for $121,000 on January 1, Year 1, and originally estimated to have a useful life of 9 years with a residual value of $5,000. At the beginning of the third year it was determined that theremaining useful life of the asset wa