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Equipment was purchased on January 1, 2017 for 500,000. The asset is expected to last for four years at which time the estimated residual value

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Equipment was purchased on January 1, 2017 for 500,000. The asset is expected to last for four years at which time the estimated residual value will be $10,000 Required a) Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date and net book value. The company uses straight line depreciation Do not enter dollar signs or commas in the ingut boxes. Round all dollar figure answers to the nearest whole number Year Cost of Long Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2017 $80,000 $17500 $ 17500 2018 380,000 17500 $85000 2019 $90.000 17500 52500 500,000 $17500 570000 2010 b) The asset was sold for $13,000 on the first day of 2021. Prepare the journal entry to record the sale. Enter all debit accounts in alphabetical order. Enter all credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Jan 1 Accumulated Depreciation Cash Equipment Gain on Disposal of Asset . To record sale of equipment for cash Using the same purchase information at the beginning of the question, prepare the table assuming that the company used double declining balance depreciation Year Net Book Value at the Beginning of the Year Depreciation Expense Accumulated Depreciation Net Book Value at the End of the Year 2017 $ $ 2018 S $ s $ 2019 5 $ S 2020 $ dy Using the same purchase information and residual value at the beginning of the question, assume that the company uses the units-of-production method. The asset can produce one million units. Prepare the depreciation table Year Cost of Long Term Asset Units Produced Depreciation Expense Accumulated Depreciation Net Book Value 2012 $80,000 240,000 18 $80,000 200,000 5 2019 589.000 200,000 S 2020 380.000 170.000

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