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Question 3 [8 points] Selected plant and equipment asset balances on December 31, 2013 for XYZ Corporation we as follows Equipment 399,500 Accumulated Depreciation Equipment 10.000 Total strated useful to on the equpment is 5 years with a residual value of $3,000, depreciated using the double declining balance method to the nearest whole month The equipment was sold on May 4 2014 for cash of S12400 Prepare journal entries for the following a Depreciation of the equipment for 2014 b The sale of the equipment on May 4 Ensure accuracy in your calculations by rounding only your final answer to the nearest whole dollar Enter the transaction letter is the description when entening the transactions in the journal Dates must be entered in the format ddimmie January 15 would be 15 Jan) For simplicity assume the assets are deprecated as individual items and will not be broken into parts and depreciated Om Jou Page 2 ACCEplanation F Debit Credit