b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HiROE Incorporated, is eight years and that there is no estimated salvage value. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired c. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal entry for the sale of the machine to calculate the gain or loss on the sale of one of the machines on January 2, 2024, for $60,000. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below. Assume that this equipment account represents the cost of 5 identical machines. Prepare the journal entry for the sale of the machine to calculate the gain or loss on the sale of one of the machines on January 2,2024, for $60,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HiROE Incorporated, is eight years and that there is no estimated salvage value. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired c. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal entry for the sale of the machine to calculate the gain or loss on the sale of one of the machines on January 2, 2024, for $60,000. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below. Assume that this equipment account represents the cost of 5 identical machines. Prepare the journal entry for the sale of the machine to calculate the gain or loss on the sale of one of the machines on January 2,2024, for $60,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field