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Question #2 Here are selected 2017 transactions of Howe Avenue Corpora tion. ired a piece of equipment that was purchas 1ne equipment cost $55,000 and had a useful life of 10 years with no salvage value. Because the equipment had been purchased it was fully depreciated at the it was retired. ed on January 1,2007 1o years age, Sold equipment for $9,000 cash that was purchased on January 1,2015 The equipment cost $78,000 and had a useful life of 3 years with no salvage value. Accumulated depreciation up to December 31,201 $52,000. une 30 C. 31 Sold equipment for $12,500 cash. The equipment cost $43,000 w was purchased on January 1, 2014, and was depreciated based o year useful life with a $3,000 salvage value. Accumulated depr through December 2016 was $24,000. red