Equipmentwaspurchasedfor$46,400withanestimatedlifeof8year and a residual value of $4,000. What is the depreciation expense for the first year using each of the following separate depreciation methods?

a.Sum of the years' digits

b.Double-declining balance

2.A restaurant paid $9,120 cash in advance for liability and casualty insur-ance for two years of coverage.

a.Journalize the transaction for the payment.

b.Whatistheamountofinsuranceexpenseforoneyearandforone month?

c.Record the journal entry for six months of insurance expense.