BACK NEXT Question Crane Co. purchased equipment on March 1, 2019 for $132.500 on account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on February 1, 2022. Crane Co. uses the diminishing balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end ZYour answer has been saved and sent for grading. See Gradebook for score details. Record the acquisition of the equipment on March 1, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts) Date Account Tiles and Explanation Debit Credit M. Equipment 132500 Accounts Payable 132500 (To record purchase of equipment on account.) CES (b) Record depreciation at August 31, 2019, 2020, and 2021. (Credit account titles are automatically indented when the amount is select "No Entry" for the account titles and enter for the amounts.) 2019 Date Account Titles and Explanation Aug. 31 Debit Credit (To record depreciation expense.) 2020 Date Account Titles and Explanation Debit Credit Aug. 31 (To record depreciation expense.) 2021 Date Account Titles and Explanation Debit Credit Aug. 31 (To record depreciation expense.)