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 straightline depreciation. Do not enter dollar signs or commas in the input boxes. Round 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 ss-v $_ $_ 2022 $70,000 $- $_ $- b) The asset was sold for $14,000 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 3 V - Cash V -/ Equipment V -/ Gain on Disposal of Asset V -/ 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 doubledecliningbalance depreciation. Year Net Book Value (Beginning of Year) Depreciation Expense Accumulated Depreciation Net Book Value (End of Year) 2023 $ 0 $ 0 $ 0 $ 0