Recording and Preparing Schedule Using Sum-of-theYears-Digits Method Depreciation, Partial Year An asset was purchased October 1, 2020, costing $20,000, with a residual value of $4,000 and an estimated three-year useful life. Required a. Prepare a schedule of depreciation that shows annual depreciation expense and year-end accumulated depreciation and book value over the useful life of the asset assuming that the company depreciated the asset using the sum-of-the-years-digits method. Note: Round each amount to the nearest dollar For the Period End of Period Reporting Depreciation Accumulated Expense Depreciation Book Value $ 0$ 0 Period 2020 2021 2022 2023 0 $ 0 0 0 0 0 0 0 0 0 b. Record the entry to recognize depreciation in 2020. Date Account Name Dec 31, 2020 Dr. Cr. 0 0 0 c. Record the entry to recognize depreciation in 2021 Date Account Name Dec 31, 2021 Dr. Cr. 0 0 0