A fixed asset was purchased October 1 of Year 1, costing $40,000, with a residual value of $8,000 and an estimated three-year useful life. Required a. Prepare a schedule of depreciation that shows annual depreciation expense, and year-end accumulated depreciation and book value, over the useful life of the asset assuming that the company depreciates the asset using sum of-the-years'-digits method. b. Record the entry to recognize depreciation for the year ended December 31 of Year 1 . c. Record the entry to recognize depreciation for the year ended December 31 of Year 2 . Note: Carry all decimals in calculations; round all final answers to the nearest dollar. c