1. Equipment was purchased at the beginning of the year at a cost of $620,000 has an estimated residual value of $50,000 and an estimated useful life of 6 years. Straight-line depreciation is used. Determine: (a) the total amount to be depreciated over the life of the asset, (b) the amount of depreciation each year, (c) the journal entry to record the first year's depreciation, (d) the book value of the asset at the end of the third year