An asset was acquired on January 1, 2024, for $34,000 with an estimated five-year life and $3,000 residual value. The company uses straight-line depreciation. What is the gain or loss if the asset was sold on December 31, 2027, for $11,200? Group of answer choices $450 gain $3000 gain $2000 gain $3500 loss None of the options listed.

5. yellow company purchased the following asset on July 16 2022 and placed it in service on the date shown • Apartment building 12/29/2022, total price=2000000;500000 allocated to the land. a. What is the maximum allowed cost recovery for 2022 for the apartment building?

Problem J:  On January 1, 2021, the Reddick Company purchased a mining right for P30,000,000. The mine's  recoverable ore reserves are estimated to be 4,000,000 tons.  Following the extraction of all ore, the company will be obligated by law to return the land to its  original state. The present value of the restoration cost is P2,000,000. The company estimated that  the property may be sold for P5,000,000. At a cost of P6,000,000, roads were built and other  development costs were invested to aid in the extraction and transportation of the mined ore in  early 2021. 200,000 tons of ore were extracted and sold in 2021.  A new study conducted by a new mining engineer on December 31, 2022, revealed that 5,000,000  tons of ore were available for mining. 225,000 tons of ore were mined and sold in 2022.   How much depletion expense should be recognized in 2022?

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