Question 7 (1 point) On January 1, year 1, ABC. Ltd. purchased a piece of equipment with a cost of $ 100000. The equipment has a useful life of 15 years and a residual value of $ 20000 and is being depreciated under the straight line method. The equipment was sold on April 1, year 3 for $ 150000. Calculate the gain or loss on disposal. If the amount is a gain, enter the answer as a positive amount below (i.e. 20000). If the amount is a loss, enter the answer as negative amount below (i.e. -20000). Your Answer: Answer Question 8 (1 point) On October 1, year 1, ABC. Ltd. purchased a piece of equipment for $ 210000 plus installation costs of $ 55000 that were necessary to make the equipment operational ABC. Ltd. has a December 31, fiscal year end and uses the straight line depreciation method. The piece of equipment is expected to have a useful life of 12 years at which time it will have a residual value of $ 100000. What is the book value of the equipment as of December 31, year 5. Round your answer to the nearest dollar. Your