Long-Lived Assets P9-8A Express Co. purchased equipment on March 1, 2015, for $95,000 on account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on February l, 2018. Express Co. uses the diminishing-balance method of depreciation with a 20% rate and calculates deprecia- tion for partial periods to the nearest month. The company has an August 31 year end. Instructions (a) Record the acquisition of the equipment on March 1, 2015. (b) Record depreciation at August 31, 2015, 2016, and 2017. (c) Record the disposal on February 1, 2018, under the following assumptions: 1. It was scrapped with no residual value. 2. It was sold for $55,000 3. It was sold for $45.000