$1($a$).$ Assume the company uses straight$-$line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the equipment's book value at the end of its first year. $1($b$).$ Assume the company uses straight$-$line depreciation for the equipment. At the beginning of the second year, we determine that the equipment has only two more years of remaining useful life. Compute the depreciation for the second year given the revised useful life estimate.

$2.$ At the end of the equipment's useful life, the company plans to sell it$.$ Record the sale of equipment at the end of its useful life for $($a$)$ $$12,000$ cash and $($b$)$ $$6,000$ cash.

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Required $1A$

Required $1B$

Required $2$

At the end of the equipment's useful life, the company plans to sell it$.$ Record the sale of equipment at the end of its useful life for $($a$)$ $$12,000$ cash and $($b$)$ $$6,000$ cash.

Journal entry worksheet

$1$

$2$

Record the sale of equipment at the end of its useful life for $$12,000$ cash.