29. (16 points) Wookland, Inc. paid $440,000 for equipment on January 1, 2019. The equipment has an estimated useful life of 8 years and $40,000 salvage value. Using the straight-line method: (1) Prepare the adjusting journal entry to record depreciation for 2019. Debit Credit (2) What amount would appear on the 2019 and 2020 financial statements regarding: 2019 2020 Depreciation Expense Equipment Accumulated Depreciation (3) Compute the book value of the equipment at December 31, 2020