3. A machine costing $85,000 with a 5-year life and $5,000 residual value was purchased January 2, 2019. Compute depreciation expense for each of the first two years, using the double declining-balance method. (4 pts) Depreciation expense year 1: Depreciation expense year 2: I 4. Equipment acquired at a cost of $126,000 has accumulated depreciation of $84,000. Journalize the disposal of the equipment under the following independent assumptions. (13 pts.) a. The equipment had no market value and was discarded. b. The equipment is sold for $54,000. The equipment is sold for $24,000. C. N General Journal Description Debit Credit a. b. c