2. The following equipment was purchased July 1, 2019. Initial Cost Expected Useful Life Expected Salvage Value $600,000 5 years $70,000 a. Record depreciation expense for 2019 using the straight-line method. Assets Liabilities Stockholders' Equity b. What is the book value of the equipment at December 31, 2019 after depreciation has been recorded? C. Record depreciation expense for 2020 using the straight-line method. Assets Liabilities Stockholders' Equity d. What is the book value of the equipment at December 31, 2020 after depreciation has been recorded? e. The equipment sold for $400,000 on July 1, 2021. What is the book value of the equipment on the date of sale? (Hint: you need to record depreciation expense from the last adjustment for 2020 to the date of sale "catch-up entry") f. What is the gain or loss on sale? g. What is the transaction to record the sale? Assets Liabilities Stockholders' Equity