Hibby's purchased a new Swimming equipment on January 1, 2019, for 10000. The company plans to use it for 5 years when the machine will have a value of $2000. 1. Calculate the annual amount of depreciation using the straight line method. 2. What is the journal entry to record depreciation for 2019? Account 3. What is the asset's book value at the end of 2019? 4. What is the balance of accumulated depreciation at the end of 2021? 5. What is the book value of your asset at the end of 2021? DR CR 6. On December 31, 2021, you receive an offer to sell your Swimming equipment for 12000. Record the journal entry for the sale of the asset. Account DR CR 7. Assume instead of using straight line to depreciate the asset, Hibby's chose to use double-declining balance depreciation. a. What is the depreciation expense recorded for 2019? b. What is the depreciation expense recorded for 2020? c. What is the book value at the end of 2020?