Computing and Recording Depreciation Entries under Multiple Depreciation Methods Jackson Company's records show the following property acquisitions and disposals during the first two years of operations. Acquisition Estimated Cost of Useful Life Disposals Year Property (Years) Amount 2020 $100,000 10 2021 40,000 10 $14,000* *Disposal relates to property acquired in 2020 Property is depreciated for one-half year in the year of acquisition. Property disposed of is depreciated for one-half year in its year of disposal. Assume no residual values. There are no sale proceeds upon retirement. a. Compute depreciation expense for 2020 and for 2021, and the balances of the property and related accumulated depreciation accounts at the end of each year under the straight-line method. For the Period End of Period Reporting Depreciation Accumulated Period Expense Property Depreciation 2020 2021 b. Prepare entries for the acquisition, periodic depreciation, and retirement of the property assuming the straight-line method. Account Name Dr. Cr. Date Jan. 1, 2020 To record property acquisition. Dec. 31, 2020 To record depreciation. Jan 1, 2021 Cash, Payables, etc. To record property acquisition. Dec. 31, 2021 To record depreciation