Depreciation by Two Methods; Sale of Fhod Asset New ithographic equipment, acquired at a cost of $750,000 on March 1 at the beginting of a fiscal year, has an estimated useful life of five years and an estimated residual yalue of $64,500. The maneger requested information regarding the effect of altemative 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. In the first week of the fith year, on March 4 , the equipment was sold for $109,800, Required: 1. Determine the annual depreciation expense foc each of the estimated five years of use, the accumulated depreciotion at the end of each yeat, and the boak value of the equipment at the end of each year by the following methods: a. Straiaht-line imethod b. Double-dedining-balance method 2. Journalize the entry to record the sale, assuming double-declining balance method is used. If an amount box does not require an entry, leave it blank. 3. Journalize the entry to record the sale in (2), assuming that the equipment was sold for $94,300 instesd of $109,800. If an amount box does not require an entry, leave it blank