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P6-53B Schmaltz Cable Company's balance sheet reports the following assets under Property, Plant, and Equipment: Land, Buildings, Office Furniture, Communication Equipment, and Televideo Equipment. The company has a separate accumulated depreciation account for each of these assets except land. Assume that Schmaltz Cable completed the following transactions: 2017 Jan, 4 Sold communication equipment with accumulated depreciation of $85,000 (cost of $96,000 ) for $18,000. Purchased new equipment for $118,000. June 30 Sold a building that had cost $495,000 and had accumulated depreciation of $255,000 through December 31 of the preceding year. Depreciation is computed on a straight-line basis. The building has a 40 -year useful life and a residual value of $95,000. The company received $50,000 cash and a $250,000 note receivable. communication equipment at $75,000 and the televideo equipment at $25,000. Dec, 31 Depreciation is recorded as follows: Equipment is depreciated by the double-diminishing-balance method over a fiveyear life with zero residual value. Depreciation is recorded separately on the equipment purchased on January 4 and on November 4. Requirement 1. Record the transactions in Schmaltz Cable's journal. 2. How does management choose which depreciation method to use