An asset was purchased October 1, 2020, costing $28,000, with a residual value of $5,600 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 depreciated the asset using the sum-of-the-years'-digits method.

Carry all decimals in calculations; round the finalanswers in the table below to the nearest dollar.

Note: Carry all decimals in calculations; round the nal answers in the table below to the nearest dollar. For the Period End of Period Reporting Depreciation Accumulated Book Period Expense Depreciation Value 2020 $ 0 x $ 0 a: $ 22,400 x 2021 11,200 x 11,200 x 22,400 x 2022 7,467 x 18,667 x 14,933 x 2023 3,733 x 22,400 11,200 x b. Record the entry to recognize depreciation in 2020. Date Account Name Dr. Cr. Dec. 31,2020 Depreciation Expense v 0 X 0 V Accumulated Depreciation c v 0 v 0 x c. Record the entry to recognize depreciation in 2021. Date Account Name Dr. Cr. Dec. 31,2021 Depreciation Expense v 11,200 x 0 V Accumulated Depreciation c v 0 v 11,200 x