Depredstion by Two Methods; Sale of Fixed Asset. New lithographic equipment, acquired at a cost of 5593,750 an March 1 of Year 1 (beginning of the fiscal year), has an estimated useful lifh of five years and an estimated residual value of $51,100. The manager requested information regarding the effect of aiternative methods on the amount of depreciation expense each year. On March 4 of Year 5 , the equipment was sold for 587,000 . Required: 1. Determine the annual depreciation expense foc 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 the following methods: b. Double-declining-balance method 3. Journalize the entry to record the sale in (2) sssuming that the equipment was sold for $74,600 instead of sa7,000. If an amount box does not require an entry, leave it biank