Exercise 9-1 Company A purchased a piece of equipment for a cost of $64,000 on Jan 1, 2016. The estimated salvage value and useful life for this equipment is $4,000 and 5 years, respectively. Assuming Company A uses a straight-line depreciation method 0 Instructions (a) Calculate the straight-line depreciation rate. (b) Calculate the annual depreciation expense under straight-line method (c) Journalize the adjusting entry for depreciation on Jan 31, 2016. (d) If instead, the company uses a double-declining-balance depreciation method, calculate the annual depreciation expense for 2016 and 2017. (e) Based on information in (d), provide adjusting entry for depreciation on Jan 31,2016 and Jan 31 2017, respectively. (t) If the equipment was sold on Feb 1, 2016 for $1, record the journal entry of the sale. (g) If the equipment was sold on Feb 1, 2016 for $100,000, record the journal entry of the sale. (h) If the equipment was sold on Mar 1, 2016 for $1, record the journal entry of the sale