2. A company purchased equipment costing $250,000 on Jan 10 with cash. The equipment had a 10 -year life with a salvage value of $25,000. The company used straight line depreciation. On January 5 of the seventh year, the company sold the equipment for $85,000. Showing all work, answer the following questions: a. Journalize the purchase of the equipment. b. What was the depreciable basis of the equipment? c. What was the depreciation expense for each year? d. Journalize the depreciation expense for the first year. e. What was the accumulated depreciation before the sale? f. What was the gain or loss on the sale? g. Journalize the disposition of the equipment