Cost of 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 Useful Life Disposals Year Property (Years) Amount 2020 $20,000 10 2021 8,000 10 $2,800* *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 Reporting Depreciation Period Expense 2020 $ 1000 $ 2021 2260 End of Period Accumulated Property Depreciation 20000 $ 1000 X 2980 b. Prepare entries for the acquisition, periodic depreciation, and retirement of the property assuming the straight-line method. Dr. 0 b. Prepare entries for the acquisition, periodic depreciation, and retirement of the property assuming the straight-line method. Date Account Name Cr. Jan. 1, 2020 Property 20000 Cash, Payables, etc. 20000 To record property acquisition, Dec 31, 2020 Depreciation Expense 1000 0 Accumulated Depreciation 1000 To record depreciation Jan. 1, 2021 Property 8000 Cash, Payables, etc. 8000 To record property acquisition. Dec 31, 2021 Depreciation Expense 2260 Accumulated Depreciation 2260 To record depreciation. Dec 31, 2021 Loss on Disposal OX Accumulated Depreciation 2800 X Property 0 To record disposal. 0 0 Check