A piece of equipment is purchased for $100,000.00 on January 1, 2021 and it costs $5,000.00 to install the equipment and get it ready to be used. The equipment is expected to last 5 years, and the salvage value for this piece of equipment has been set at $25,000.00.

(complete this problem using the straight-line, sum-of-the-years-digits, and double-decling methods)

Please show the work as well as, adjusting journal entires, thank you

a. What will be the adjusting general journal entry on December 31, 2022 to record depreciation assuming that depreciation is recorded just once a year?

b. What will be the adjusting general journal entry on March 31, 2023 to record depreciation assuming that depreciation is recorded each month? )