Charles Corp., a calendar year-end company, purchased equipment in 20X1 with the following attributes: Description Information Purchase Date January 1, 20X1 Equipment's base cost $ 240,000 Equipment's installation cost $ 25,000 Salvage value $ 10,000 Useful life 8 years Depreciation method Straight-line Answer the following three questions: Question #1: What should be the journal entry to record depreciation expense for 20X1? Do not include currency symbols, decimals, or cents in the numerical response. Answer: Date Account Debit Credit 12/31/X1 Answer 1 Question 11 Depreciation Expense Answer 2 Question 11 31,875 Answer 3 Question 11 Accumulated Depreciation Answer 4 Question 11 31,875 Question #2: At the end of year six of the asset's life, what should be the balance in the "Accumulated Depreciation" account, assuming all depreciation entries have been made? Answer: $Answer 5 Question 11 . Question #3: At the end of year six of the asset's life, what is the machine's book value? Answer: $Answer 6 Question 11