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Show Me How Print Item Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method Depreciation ation for the current fiscal year and for the following fiscal year by the double-declining-balance method Depreciation ar 2 8:54 PM Required: b. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account 855 PM Journal Chart of CHART OF ACCOUNTS Alaska Mining Co. General Ledger NKSHEET NKSHEET ASSETS REVENUE 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 622 Gain on Sale of Mineral Rights 116 Merchandise inventory 117 Supplies 119 Prepaid Insurance EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 20 Land 123 Delivery Truck 55 PM 2/7/2019 Journal 2. EX 09-13 3. EX09-19 133 Patents LIABILITIES 210 Accounts Payable 211 Salanes Payable 213 Sales Tax Payable 535 Insurance Expense 536 Supplies Expense 539 Mscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment 722 Loss on Sale of Mineral Rights 6. PR09-02A EET 215 Notes Payable 310 Common Stock 311 Retained Earnings 313 Income Summary -56 PM 2. EX09-13 56 PM 2/7/2019