Cold Stone Creamery purchased equipment for $50,000 on 1/1/20, with an estimated salvage value of $5,000. The asset has a 5 year expected useful life and uses straight line depreciation. On 3/31/22, the company decided to sell the equipment for $30,000. 1. Calculate the annual depreciation of the equipment. 2. Calculate the accumulated depreciation up to the point of disposal. 3. Prepare the journal entry for the disposal of the equipment. Debit Credit Date Account 3/31/22