7. Computing Depreciation, Net Book Value, and Gain or Loss on Asset Sale (10 points) Zimmer Company owns an executive plane that originally cost $2,304,000. It has recorded straightline depreciation on the plane for eight full years, calculated assuming a $288,000 expected salvage value at the end of its estimated 10year useful life. Zimmer disposes of the plane at the end of the eighth year. 1) What is annual depreciation expense? 2) At the disposal date, what is the cumulative depreciation expense of the plane? 3) At the disposal date, what is the net book value of the plane? 4) How much gain or loss is reported at disposal if the sales price is (a) 8513,000; or (b) $1,260,000