Depreciation by two methods; sale of fixed asset New assembly equipment, was purchased at a cost of $110,000 on September 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of 4r years and an estimated residual value of $7,500. 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. On September 6 of Year 4, the equipment was sold for $18,000. Instructions 1. Determine the annual depreciation expense for each of the estimated 4 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. The following columnar headings are suggested for each schedule: Accumulated Depreciation Depreciation, Year Expense End of Year End of Year Book Value, 2. Journalize the entry to record the sale. 3. Journalize the entry to record the sale, assuming that the equipment sold for $10,500 instead of $18,000.