Equipment was purchased on January 1, 2020 for $70,000. The asset is expected to last for four years, at which time the estimated residual value will be $12,000. 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 input boxes. Bound all dollar figure answers to the nearest whole number, Year Cost of Long-Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2020 $70,000 $14500 $ 14500 $ 55500 2021 $70,000 $14500 $ 29000 $ 41000 2022 $70,000 $14500 $ 43500 $ 26500 2023 $70,000 $14500 $ 58000 $12000 b) The asset was sold for $15,000 on the first day of 2024. Prepare the journal entry to record the sale. b) The asset was sold for $15,000 on the first day of 2024. 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 = 58000 Cash 15000 70000 Equipment 3000 Gain on Disposal of Asset To record sale of equipment for cash c) 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 2020 $ 70000 $ 35000 $ 35000 2021 $ 35000 $ 17500 $ 52500 2022 $ 17500 $ 5500 $ 58000 2023 $ 12000 $ 0 $ 58000 $ 35000 I $ 17500 $12000 $ 12000 OLDS COLLEGE c) 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 $ 35000 $35000 $ 35000 $17500 $ 52500 $ 17500 17500 $ 5500 $ 58000 $ 12000 $0 $58000 $ 12000 2020 $ 70000 2021 $ 35000 2022 2023 $ 12000 d) 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 2020 $70,000 200,000 $11600 $ 11600 S56000 2021 $70,000 210,000 $14700 $ 23780 $ 46220 2022 $70,000 240,000 $13920 $37700 $32300 2023 $70,000 190,000 $11020 $48720 $21280