2. On March 4. joumalize the entry to record the sale assuming the manager chose the double-decliningbalance method. Refer to the Chart of Accounts for exact wording of account PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF: DEBIT CREDIT ASSETS LABILITIES EQUITY 135,000 2 1 Marcha Cash Equipment Accumulated Depreciation me Goin on sale of equipment Equipment 4 an canal womir take Assinnmentinrint IntakenAssinnment do Passionmentid=2145223 4. PR.09-04A.BLANKSHEET Depreciation by two methods, sale of fixed asset Instructions New lithographic equipment, acquired at a cost of $800,000 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of 590.000. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. In the first week of the fifth year, on March 4, the equipment was sold for $135,000 Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the right line method and (b) the double-declining balance method. 2. Joumalize the entry to record the sale assuming the manager chose the double declining balance method 3. Joumalize the entry to record the sale in (2), assuming thar the equipment was sold for $88,750 instead of $135,000. Refer to the Chart of Accounts for exact wording of accounts 3. On March 4, journalize the entry to record the sale in (2), assuming that the equipment was sold for $88,750 instead of $135,000. Refer to the Chart of Accounts for exact wording of account PAGE 1 ACCOUNTING EQUATION JOURNAL EQUITY CREDIT LABUITIES ASVETS DEBIT POST.RO DATE DESCRIPTION 88,750 MaR4 Cash Equipment Accumulated Deprecap ment