It's Raining Again, Inc. purchased a new piece of equipment on January 1, 2016 for $650,000. The equipment had an estimated useful life of 5 years and an estimated salvage value of $50,000. QUESTION 1: If the company uses the double declining balance method for depreciation, what would be the depreciation expense reported in 2017? $ QUESTION 2: The depreciation expense would be reported on the company's balance sheet. True False reported by the company assuming the QUESTION 3: If the equipment is sold for $100,000 on December 31, 2019, what would be the company used the straight line method of depreciation? $ (enter an absolute dollar value) QUESTION 4: Which of the following correctly indicates how cash, equipment, and accumulated deprecation are affected by the above sale? decrease cash, decrease equipment, decrease accumulated depreciation decrease cash, increase equipment, decrease accumulated depreciation increase cash, increase equipment, decrease accumulated depreciation increase cash, decrease equipment, increase accumulated depreciation increase cash, decrease equipment, decrease accumulated depreciation QUESTION 5: Would would be the book value of the equipment at the end of its useful life if it is not sold by the company? $260,000 $120,000 $0 $650,000 $50,000