ABC Airlines sold flight equipment for 3,000,000 cash at the end of its 12^th year of use. The flight equipment originally cost 45,000,000 and was depreciated using the straight-line method with residual value of zero and an estimated useful life of 15 years. Prepare a journal entry to record ABC Airlines sale of the flight equipment at the end of the 12^thyear.

On January 1, 2019, ABC company acquired equipment for $200,000 cash. The equipment has a useful life of five years and an estimated residual value of $100,000. Determine the depreciation expense in the first two years using the double declining balance method.