A company purchased new equipment and provided you with the data for the equipment

Date of purchase = 2-Jan-17

Cost of equipment = $53,000

Salvage value = $3,000

Useful life = 5 years

Depreciation method = Straight line

1. Prepare the depreciation schedule for the equipment

2. Prepare the depreciation journal entry for March 2018

3. Determine the book value of the equipment Dec 31, 2021

4. Assume the company sold the equipment on Dec 31, 2020 and received $18,000 cash. Prepare the journal entry.