Mather Company purchased equipment on Jahuary 1, 2017 at a total invoice cost of $280,000 additional costs of $5,000 for freight and $25 000 for installation were incurred. The equipment has an estimated residual value of $10,000 ani an estimated useful life of five years. Assume the company uses straight-line method of depreciation 1. Journalize the accounting entry 2 Calculate the depreciable cost and prebare depreciation schedule 3 If the Machine at the end of year 3 was sold for $ 70,000; Journalize the transaction