A fixed asset was purchased October 1 of Year 1, costing $32,000, with a residual value of $6,400 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. a. \begin{tabular}{|l|cccc|} \multicolumn{2}{c}{} & \multicolumn{2}{c}{ For the Period } & \multicolumn{2}{c|}{ End of the Period } \\ Reporting \\ DepreciationPeriod & ExpenseAccumulatedDepreciation & BookValue \\ \hline Year 1 & $ & 8,533$ & 0$ & 0 \\ \hline Year 2 & 0 & 0 & 0 \\ \hline Year 3 & 0 & 0 & 0 \\ \hline Year 4 & 0 & 0 & 0 \\ \hline \end{tabular} b. c