Question Completion Status: QUESTION 9 10 points Save Answer Suppose a firm purchased an asset for $100,000 and estimated its useful life as 10 years withno salvage value on the date of the purchase. The firm uses straight-line depreciation. Afterusing the asset for five years, the firm changes its estimate of the remaining useful life to fouryears (a total of nine years rather than the original 10 years). How much depreciation expensewill the firm recognize in the sixth year of the asset's life? $12,500 $10,000 0 $11,111 0 $31,111 QUESTION 10 10 points Save Answer Suppose a firm purchased an asset for $50,000 and depreciated it using straight-line depreciation for its 10-year useful life, with no salvage value. At the end of the seventh year of use, the firm decided to sell the asset. Proceeds from the sale were $17,500. What was the gain or loss from the sale of the asset? How did the sale affect the statement of cash flows? $2,500 loss; $2,500 cash outflow from investing activities $32,500 loss; $17,500 cash inflow from investing activities $17,500 gain; $17,500 cash inflow from investing activities $2,500 gain: $17,500 cash inflow from investing activities Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit