The balance sheets of HiROE Inc. showed the following at December 31, 2020 and 2019: Equipment, less accumulated depreciation 31, 2a2e, and $151,875 at December 31, Required: of $212, 625 at December 2e19. December 31, 202e $ 273,375 December 31, 2019 $ 334,125 a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of the depreciation expense for 2020? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment to HiROE Inc., is eight years and that there is no estimated salvage value. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model and record the journal entry for the sale of the machine to calculate the gain or loss on the sale of one of the machines on January 2, 2021, for $60,000 Indicate the financial statement effect.