Equipment purchased at the beginning of the fiscal year for $360,000 is expected to have a useful life of 5 years, or 14,000 operating hours, and a residual value of $10,000. Compute the depreciation for the first and second years of use by each of the following methods: a. Straight-line: First year Second year b. Units-of-activity (1,200 hours first year; 2,250 hours second year): First year Second year c. Double-declining-balance: First year Second year 00:00.00 Solare Company acquired mineral rights for $452,200,000. The diamond deposit is estimated at 26,600,000 tons. During the current year, 1,090,000 tons were mined and sold. a. Determine the depletion rate. per ton b. Determine the amount of depletion expense for the current year. c. Journalize the adjusting entry to recognize the depletion expense. If an amount box does not require an entry, leave it blank. Dec. 31 On July 1, Sterns Co. acquired patent rights for $36,000. The patent has a useful life of 6 years and a legal life of 15 years. Journalize the adjusting entry on December 31 to recognize the amortization. If an amount box does not require an entry, leave it blank. Dec. 31 Dixon Sales has seven sales employees that receive weekly paychecks. Each employee earns $14.00 per hour and has worked 40 hours in the pay period. Total federal income tax withholdings are $470.40. Each employee pays 3.0% in state income tax, 6.0% in Social Security tax, 1.5% in Medicare tax, and 0.5% toward retirement savings. Journalize the recognition of the pay period ending January 19 that will be paid to the employees on January 26. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 19