Instructions New lithographic equipment, acquired at a cost of $859,200 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $96,660. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining balance method was selected. In the first week of the fifth year, on March 4, the equipment was sold for $141,422 Required: 1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight line method and (b) the double-declining balance method. Round your answers to the nearest whole dollar 2. Journalize the entry to record the sale assuming the manager chose the double-declining balance method. Refer to the Chart of Accounts for exact wording of account titles. 3. Journalize the entry to record the sale in (2), assuming that the equipment was sold for 896,962 instead of $141,422. Refer to the Chart of Accounts for exact wording of account titles. Starting Questions Shaded cells have feedbac Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double-declining-balance method. Round your answers to the nearest whole dollar. Enter all amounts as a positive numbers. a. Straight-line method Accumulated Depreciation, End of Year Year Depreciation Expense Book Value, End of Year $152,508 5859,200 X 5706,692 N 152,508 706.692 554,184 152.508 554.184 401.676 152,508 401,676 X 249,168 96,660 152,508 249,168 X Points: 10/15 b. Double-declining-balance method Year Depreciation Expense $859,200 X 515,520 X 309,312 X Accumulated Depreciation, End of Year S343,680 206,208 Book Value, End of Year $515,520 309,312 123,725 X 185,587 185,587 X 74,235 X 111,352 111,352 X 14,692 X 96,660 M 3. On March 4, journalize the entry to record the sale in (2), assuming that the equipment was sold for $96.962 instead of $141,422. Refer to the Chart of Accounts for exact wording of account How does groding work? PAGE 1 JOURNAL Score: 48/49 ACCOUNTING EQUATION CREDIT LILITIES QUITY DESCRATION Accumulated Depreciation Equipment Mar 4 7478480 Cach 96,962.00 Equipment 859,200.00 Loss on Sale of Equipment 14390.00