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Question 6 (9 marks 18 minutes) Lux Inc. recently purchased some production equipment that they would take possession as of February 1, 2021 The total purchase price for the equipment is $175,000 and they expect the residual value to be $25,000. The equipment is expected to have an estimated useful life of 5 years Lux Inc. has a fiscal year end of December 31st Required - a. What is the production equipment's depreciation expense for the year ending December 3, 2021, if they apply: i. straight-line method? ii) declining balance method for 2021 and 2022 assuming a 20% rate? b. On January 1, 2023, the company decided to make improvements to the production equipment and believe the total its estimated life will now be a total of 8 years and the residual value be $15,000. What is the depreciation expense for the year ending December 31, 2023, assuming the company uses the straight-line method? Assume that the 2021 and 2022 depreciation expenses were recorded correctly. c. On January 1, 2025 Lux Inc. sold the production equipment for $68,000. Prepare the journal entry to record the sale assuming the company uses the straight-line method and assuming the improvements from (b) are included