Equipment was purchased on March 1, 20X7 for $124,500. The cost of installing and assembling the equipment totaled $2,300. The one-year insurance policy for the equipment of $1,800 was purchased on the same day. The equipment has an expected 12 years of useful life and a residual value of $3,500. The fiscal year end of the business is October 31. If the business uses the straight-line method, record the following: 1. Depreciation expense for 20x7 (nearest dollar without comma, e.g. 15000): 2. Depreciation expense for 20X8 (nearest dollar without comma, e.g. 15000): 1 3. Carrying amount, 20X8 ending balance (nearest dollar without comma, e.g. 15000)