MGY 1152-Accounting for the Manager QUESTION 1-Depreciation and Sale of Assets Assume the following details for equipment that was purchased on January 1, 2020: Purchase Price: Estimated Useful Life: Estimated Useful Life: Estimated scrap (residual) value: Production in year 1 (2020) $ 1.070.250 15 years 312.500 units $ 25.000 18.000 units marks Production in year 2 (2021) Production in year 3 (2022) 31.200 units 27.000 units The company follows the straight line method of depreciation for this asset, it is sold on July 1. 2024 for proceeds of $600,000. The company's year-end is December 31. Required 1: Calculate the annual depreciation expense for this asset. Show all of your work for full marks. (2 marks) Annual deficiation= Required 2: Calculate the book value on the date of the sale. Show all of your work for full marks. (3 marks) 3: In the tabular analysis, record the disposal. Opening balances have not been (4 marks) ASSETS LIABILITIES STOCKHOLDERS' EQUITY Accum. Accounts Common Equipment Deprec. Payable Stock Retained Earnings Revenues Expenses Div Page 2 of 12 (STUDENT