5) Horace Corp. purchased manufacturing equipment for $60,000 on January 1, 2019. The equipment has a residual value of $4,000 and a life of 8 years or 70,000 production hours. a. Calculate depreciation expense for 2019 and 2020 under the straight-line, unit, and double declining balance methods, assuming the equipment was used for 8,000 hours in 2019 and 9,000 hours in 2020. b. On September 30, 2021, the equipment was sold for $39,000 cash. Give all required journal entries to record this sale, assuming that the equipment was used for 6,000 hours between January 1 and September 30 in 2021. Do this for all three depreciation methods