Depreciation by two methods; sale of fixed asset Instructions Instructions Chart of Accounts Starting Questions Journal New lithographic equipment, acquired at a cost of $859,200 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $96,660. The manager requested information regarding the effect of alternative 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 fifth year, on March 4, the equipment was sold for $141,422. Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, 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 Round your answers to the nearest whole dollar. 2. Journalize the entry to record the sale assuming the manager chose the double-declining-balance method. Refer to the Chart of Accounts for exact wording of account titles. 3. Joumalize the entry to record the sale in (2), assuming that the equipment was sold for $96,962 instead of $141,422. Refer to the Chart of Ne Chart of Accounts Starting Questions a. Straight-line method Year Depreciation Expense 1 2 3 4 5 Accumulated Depreciation, End of Year Book Value, End of Year Sh Starting Questions b. Double declining-balance method Accumulated Depreciation, Year Depreciation Expense End of Year Book Value, End of Year 1 2 3 ed residual v Shaded cols have for Points Journal DATE DESCRIPTION JOURNAL Score: 0/49 POST REF DEBIT CREDIT Shaded cells have feedback PAGE 1 ACCOUNTING EQUATION ASSETS LIABUTES EQUITY Points: 10/9 Shaded cells have feedback 3. On March 4, joumalize the entry to record the sale in (2), assuming that the equipment was sold for $96,962 instead of $141,422. Refer to the Chart of Accounts for exact wording off account piles Question not attempted. PAGE 1 JOURNAL Score: 0/49 ACCOUNTING EQUATION DATE DESCRIPTION POST RE DEBIT CREDIT ASSETS LIABLITIES EQUITY