Depreciabon by Two Methods; Sale of fixed Asset New tire retreading equipment, acquired at a cost of \$110,000 on September I of Year 1 (beginning of the fiscal year), hos an estimated useful life of four years and an estimated residual value of $7;500. The manager requested information regarding the effect of aiternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected. On September 6 of Year 4 , the equipment was sold for $18,000. Required: 1. Determine the annual depreciation expense for each of the estimated four years of use, the accumulated depreciation at the end of each yeac, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double-declining-balance method. 2. Journalize the entry to record the sale, assuming double-declining balance method is used, If an smount box does not require an entry, leave it blank. Cash Aceumulated Degreciations Fouipment Equioment Gain an Sale of Equipment 3. Journalize the entry to record the sale in (2), assuming that the equipment sold for $10,500 instead of $18,000. If an amount box does not require an entry, leave it blank