4: Porous Corp. purchased equipment on January 1, 2016, for $25,000. The estimated useful life of the equipment is five years, the salvage value is $5,000, and the company uses the doubledeclining-balance method to depreciate fixed assets. a. Provide the journal entry assuming the equipment is scrapped after three years. b. Provide the journal entry assuming the equipment is sold for $8,000 after three years. c. Provide the journal entry assuming, at the end if the third year, the equipment and $28,000 cash are traded in for another asset with a market value of $30,000