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Depreciation by Two Methods Sale of Fixed Asset New tire retreading cquipment, acquired at a cost of $812,500 on September 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $69,900. The manager requested Information regarding the cffect of alterative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-decling-balance method was selected. In the first week of the fifth year, on September 6, the equipment was sold for $119,000. Required: 1. Determine the annual depreciation expense for each of the estimated four years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by the following methods: a. Straight-line method Depreciation Expense Accumulated Depreciation End of Year Book Value, End of Year # # 5 $ $ $ b. Double-declining balance method Depreciation Accumulated Depreciation, End of Year Expense Book Value End of Year Year 1 s s 2. Journalize the entry to record the sale, assuming double-declining-balance method is used. If an amount box does not require an entry, leave it blank. 3. Joumalize the entry to record the selein (2), assuming the the equipment was sold for $102,100 instead of $119,000. If an amount box does not require an entry, leave it blank. Depreciation by Two Methods Sale of Fixed Asset New tire retreading cquipment, acquired at a cost of $812,500 on September 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $69,900. The manager requested Information regarding the cffect of alterative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-decling-balance method was selected. In the first week of the fifth year, on September 6, the equipment was sold for $119,000. Required: 1. Determine the annual depreciation expense for each of the estimated four years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by the following methods: a. Straight-line method Depreciation Expense Accumulated Depreciation End of Year Book Value, End of Year # # 5 $ $ $ b. Double-declining balance method Depreciation Accumulated Depreciation, End of Year Expense Book Value End of Year Year 1 s s 2. Journalize the entry to record the sale, assuming double-declining-balance method is used. If an amount box does not require an entry, leave it blank. 3. Joumalize the entry to record the selein (2), assuming the the equipment was sold for $102,100 instead of $119,000. If an amount box does not require an entry, leave it blank