3. Using the same information as shown in Question 2, answer the following questions showing all work: a. What was the gain or loss assuming the company sold the equipment for $125,000 ? b. Journalize the disposition of the equipment. 4. A company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the land after the ore is removed is $200,000. Answer the following questions showing all work: a. Journalize the acquisition of the ore mine. b. Journalize the entry for the first year if 180,000 tons of ore mined. 2. A company purchased equipment costing $250,000 on Jan 10 with cash. The equipment had a 10 -year life with a salvage value of $25,000. The company used straight line depreciation. On January 5 of the seventh year, the company sold the equipment for $85,000. Showing all work, answer the following questions: a. Journalize the purchase of the equipment. b. What was the depreciable basis of the equipment? c. What was the depreciation expense for each year? 3. Using the same information as shown in Question 2, answer the following questions showing all work: a. What was the gain or loss assuming the company sold the equipment for $125,000 ? b. Journalize the disposition of the equipment. 4. A company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the land after the ore is removed is $200,000. Answer the following questions showing all work: a. Journalize the acquisition of the ore mine. b. Journalize the entry for the first year if 180,000 tons of ore mined. 2. A company purchased equipment costing $250,000 on Jan 10 with cash. The equipment had a 10 -year life with a salvage value of $25,000. The company used straight line depreciation. On January 5 of the seventh year, the company sold the equipment for $85,000. Showing all work, answer the following questions: a. Journalize the purchase of the equipment. b. What was the depreciable basis of the equipment? c. What was the depreciation expense for each year