FULL SCREEN PRINTER VERSION BACK NEXT Questions Crane Co. purchased equipment on March 1, 2019, for $132,500 on account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on February 1, 2022. Crane Co. uses the diminishing-balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end (a) ZYour answer has been saved and sent for grading. See Gradebook for score details Record the acquisition of the equipment on March 1, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry required, select "No Entry for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 1 Equipment 132500 Accounts Payable 132500 (To record purchase of equipment on account.) By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor (b) Record depreciation at August 31, 2019, 2020, and 2021. (Credit account titles are automatically Indented when the amount is ente select "No Entry" for the account titles and enter o for the amounts.) 2019 Date Account Titles and Explanation Debit Credit Aug. 31 (To record depreciation expense.) 2020 Debit Credit Date Account Titles and Explanation Aug. 31 (To record depreciation expense.) 2021 Date Account Titles and Explanation Debit Credit Aug. 31 (To record depreciation expense.)