Diamond Autobody purchased new equipment for $90,000. Residual value at the end of an estimated four-year service life is expected to be $10,000. During the four-year period, the company expects to use the equipment a total of 5,000 hours. Requirement A: Fill in the blanks below assuming Diamond uses the activity-based depreciation method for this equipment. Diamond used the equipment 1,200 hours for the first year and 1,400 hours for the send year. Depreciation expense for the first year = Depreciation expense for the send year - Accumulated Depreciation balance for this equipment at the end of the second year Book Value for this equipment at the end of the ond uses the double-declining balance Requirement B: Fill in the blank below assum depreciation method for this equipment. Depreciation expense for the first yea Requirement C: Fill in the blank below assuming Diamond uses the straight-line depreciation method for this equipment. Depreciation expense for the first year = Requirement C: Fill in the blank below assuming Diamond uses the straight-line depreciation method for this equipment. Depreciation expense for the first year Requirement D: Prepare Diamond's adjusting journal entry for the first-year end to record the depreciation expense you calculated in Requirement C above. ACCOUNT Debit Credit