1. A company purchased equipment on January 1 for $6,600. This equipment has a useful life of 5 years and a salvage value of $600. Requirement: (1)Calculate the depreciation expense for the first year of its useful life using the straight-line method? (2) Prepare the journal entry to record the depreciation on December 31 of first year. (3)Calculate the book value of the equipment on December 31 of first year.