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 $ 10,000 Salvage value $ 25,000 Useful life 10 years Depreciation method Straight-line Answer the following three questions: Question #1: What should be the journal entry to record depreciation expense for 20X1?Question #2: At the end of year seven of the asset's life, what should be the balance in the "Accumulated Depreciation" account, assuming all depreciation entries have been made? Question #3: At the end of year seven of the asset's life, what is the machine's book value