Colin Clark Pty Ltd has an accounting financial year which ends on 30 June. The company purchased an equipment on 11 January 2019 for $ 125,000 cash. The residual value of the equipment is expected to be $ 8,000 after the useful life of three years. Required: (A) Prepare the journal entry to record the purchase of equipment on 1 January 2019. (B) Assuming straight-line method, calculate the depreciation expenses for the financial year 2019 and 2020, respectively. (C) Assuming diminishing-balance method, calculate the depreciation rate and depreciation expenses for the financial year 2019 and 2020, respectively. (D) Assuming diminishing-balance method, prepare the adjusting journal entry to record depreciation expense for the financial year 2019. (E) On 31 December 2019, Colin Clark Pty Ltd sells the equipment on cash for $ 65,000. Assuming diminishing-balance method, prepare the journal entry to record the disposal of asset. Note: i. ii. iii. iv. If you believe no journal entry is required, explain the reason(s). Ignore the effect of GST. Narrations are not required for journal entries. Colin Clark Pty Ltd's chart of accounts includes these accounts - Cash, Inventory, Equipment, Accumulated depreciation, Accounts payable, Salaries payable, Sales Revenue, Gain on sale, Loss on sale, Depreciation expense, and Salaries expense