3 of 15 < View Policies how Attempt History Current Attempt in Progress 0.5/1 On January 1, 2019. Mogul Ski Resort Ltd. purchased snow making equipment for $113,000 by paying a $22,600 cash down payment and issuing a note payable for the balance. The equipment had an estimated useful life of 10 years and an estimated residual value of $22,600. Mogul uses the straight-line-method of depreciation and has a December 31 year end. On October 1, 2021, the equipment was sold for $75,740 cash. (a) Your answer is correct. Prepare the journal entry to record the acquisition of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1. Equipment 2019 Cash Debit 113,000 Credit c1) * Your answer is incorrect. Assume instead that the company used the double-diminishing-balance method to depreciate the cost of the equipment: What amount of depreciation would be recorded in 2019 and 2020? 2019 Depreciation expense $ eTextbook and Media List of Accounts Save for Later 3,726 $ 2020 3,726 Attempts: unlimited Submit