D Original cost Year purchased Useful life Residual value $46,900 2014 10 years $4.800 straight- line B $51,850 2015 17.000 hours $4,250 $68,000 2016 15 years $8,000 straight- line $73,000 2017 10 years $4,700 double- declining Depreciation method activity Accumulated depreciation through 2019 $21,050 $28.100 $12.000 $26,280 Note: In the year an asset is purchased, Tamarisk does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Tamarisk takes a full year's depreciation on the asset. The following transactions occurred during 2020: 1. On May 5. Asset A was sold for $16,750 cash. The company's bookkeeper recorded this retirement as follows: Credit Account Titles and Explanation Cash Asset A Debit 16.750 16.750 Question 10 of 11 -/3 E Credit Account Titles and Explanation Debit Cash 16,750 Asset A 16,750 2. 3 4 On December 31, it was determined that Asset B had been used 3.100 hours during 2020. On December 31, before calculating depreciation expense on Asset C, Tamarisk management decided that Asset C's remaining useful life should be nine years as of year end. On December 31, it was discovered that a piece of equipment purchased in 2019 had been expensed completely in that year. The asset cost $35,000 had a useful life of 10 years when it was acquired, and had no residual value. Management has decided tquse the double-declining balance method for this asset, which can be referred to as "Asset E" Ignore income taxes. Prepare any necessary adjusting journal entries required at December 31, 2020, as well as any entries to record depreciation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record depreciation on Asset A) (To record disposal of Asset A) (To record disposal of Asset A) (To record depreciation on Asset B) (To record depreciation on Asset C) (To record cost of Asset E) (To record depreciation on Asset E) (To record depreciation on Asset D)