Recording and Preparing Schedule Using Sum-of-theYears'-Digits Method Depreciation, Partial Year An asset was purchased October 1, 2020, costing $10,000, with a residual value of $2,000 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 Book Expense Depreciation Value 0 * $ 0 * $ 10,000 x 2021 4,000 X 4,000 x 6,000 x 2022 2,667 x 6,667 x 3,333 x 2023 1,333 x 8,000 2,000 2020 b. Record the entry to recognize depreciation in 2020. Date Account Name Dec 31, 2020 Depreciation Expense Accumulated Depreciation Dr. 4,000 x Cr. 0 4,000 X c. Record the entry to recognize depreciation in 2021. Date Account Name Dec 31, 2021 Depreciation Expense Accumulated Depreciation Dr. 2,667 * Cr. 0 2,667 x