DEPRECIATION: 1. January 1 - Purchase equipment for $52,000. You can sell it for $2,000 at the end of its 5 year life. What is depreciation expense in year 1 ? Prepare the journal entry to record depreciation expense at the end of year 3. How much is in accumulated depreciation at the end of year 3 . What are net fixed assets at the end of year 3 ? 2. January 1-Purchased a vehicle for $49,000. You can sell it for $4,000 at the end of its 9 year life. What is depreciation expense in year 1 ? Prepare the journal entry to record depreciation expenses at the end of year 3. How much is in accumulated depreciation at the end of year 3. What are net fixed assets at the end of year 3 ? DEPRECIATION: 1. January 1 - Purchase equipment for $52,000. You can sell it for $2,000 at the end of its 5 year life. What is depreciation expense in year 1 ? Prepare the journal entry to record depreciation expense at the end of year 3. How much is in accumulated depreciation at the end of year 3 . What are net fixed assets at the end of year 3 ? 2. January 1-Purchased a vehicle for $49,000. You can sell it for $4,000 at the end of its 9 year life. What is depreciation expense in year 1 ? Prepare the journal entry to record depreciation expenses at the end of year 3. How much is in accumulated depreciation at the end of year 3. What are net fixed assets at the end of year 3