Problem V-12 points Answer the question in each scenario. Show your work. Scenario 1 - Mitchell Corporation bought equipment on January 1, 2020. The equipment cost $120,000 and had an expected salvage value of $20,000. The life of the equipment was estimated to be 6 years. The book value of the equipment at the beginning of the third year would be? Scenario 2 - On January 1, 2018, Tyson Manufacturing Corporation purchased a machine for $41,100,000. Tyson's management expects to use the machine for 32,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $47,000. The machine was used for 4000 hours in 2018 and 6000 hours in 2019. What is the depreciation expense for 2018 if the corporation uses the units-of- production method of depreciation? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) Scenario 3 - George, Inc. purchased a van on May 1, 2018, for $800,000. Estimated life of the van was five years, and its estimated residual value was $80,000. George uses the straight-line method of depreciation. Prepare the journal entry to record the depreciation expense for 2018 on the van