DEPRECIACIO... * E1.9 Equipment was purchased for $70,468. The equipment is cstimated to have a serviceable life of 8 years and a residual value of $2,500. Using straight-line depreciation, answer the following: a. What is the amount of depreciation expense per month and per year? b. Give the journal entry to record the depreciation expense for one year. E1.10 A new van was purchased for $40,000 and was estimated to have a life of 4 years or 110,000 miles; trade-in (residual) value is estimated to be $4,800. In the first year, the van was driven for 27,500 miles. a. Use the units-of-production method to determine the depreciation per mile (unit). b. What is the total depreciation expense for the first year? E1.11 Equipment was purchased for $46,400 with an estimated life of 8 years and a residual value of $4,000. What is the depreciation expense for the first year using each of the following separate depreciation methods? a. Sum of the years' digits b. Double-declining balance E1.12 A restaurant paid $9.120 cash in advance for liability and casualty insur- ance for two years of coverage. a. Journalize the transaction for the payment. b. What is the amount of insurance expense for one year and for one e month