Problem five use the following information to answer parts and before claims construction cleanse Thousand dollars the useful life of the equipment is estimated to be five years or $60,000$ hours with a residual value of $$180,000$ the first four years of the equipment life it was used as follows $202316,000$ hours $202414,000$ hours $202512,000$ hours $202610,000$ hours required part a using the double declining balance method calculate the annual depreciation expense for each year and in total for the year $2023$ to $2026$ assume instead that the company disposed of the equipment on December $31,2024$ for proceeds of $$450,000$ prepare the journal entry to record the disposal