has the following information available related to the equipment it uses in its business: Description Purchase Date Information January 1, 20X1 Total cost on the purchase date $2,000,000 Original useful life Original residual value Depreciation method 5 years $100,000 straight-line Additional information: On January 1, 20X3, the company performed extraordinary repairs to this equipment for $350,000. To pay for these repairs, the company issued a three-year, 9% note payable. The company estimates that the extraordinary repairs will extend the useful life of the equipment by an additional four (4) years (to a new total life of 9 years). Because of these repairs, the residual value has been revised to equal $150,000. Answer the following three questions: Question #1: Which account should be debited for the cost of the repairs? You sent Question #2: Does the interest on the note mentioned above qualify for interest capitalization? Answer: Question #3: Rounding all calculations to the nearest whole dollar, how much depreciation expense should the company record on 12/31/X3