1. part a and b

2. Journalize the entry to record the sale, assuming double-declining-balance method is used. If an amount box does not require an entry, leave it blank.

3. Journalize the entry to record the sale, assuming that the equipment was sold for $70,700 instead of $82,400. If an amount box does not require an entry, leave it blank.

Depreciation by two methods; sale of fixed asset New tire retreading equipment, acquired at a cost of $562,500 on September 1 at the beginning of a fiscal year, has an estimated useful life of 5 years and antimated of the data presented to the manager, the double-declining-balance method was selected. In the first week of the fifth year, on September 6 , the equipment was sold for $82,400. Required: 1. Determine the annual depreciation expense for each of the estimated 5 years of use, the accumulated depreciation at the end of each year, and the book the equipment at the end of each year by the following methods: a. Straight-line method