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a Question Two: (12 Marks) Watson Company purchased packaging equipment on January 5, 2012, for $125,000. The company also paid, for the followings, Testing for use $3500, Assembly $2500, Fines for not obtaining proper permits from government $2500. The equipment was expected to have a useful life of three years, or 20,000 operating hours, and a residual value of $11,000. The equipment was used for 8,600 hours during 2012, 6,300 hours in 2013, and 5,100 hours in 2014. Requirements: 1. Prepare depreciation analysis table using straight line method and Unit of production method. 2. Watson Company revised its estimate for Packaging equipment on January 16 2014. Revised estimated show the equipment has 3 years remain life and a residual value of $2000. Prepare new revised deprecation analysis table. (use straight line method). 3. The Company sold the equipment on 18" September 2013 for $35,000 Journalize the transaction. 4. The Company sold the equipment on 27" February 2016 for $1000. Journalize the transaction. 5. On July 10" the packaging equipment was damaged and Watson has no choose but to discard the equipment, journalize the discard