Mister Macchiato purchased a cor drink machine on January 1, 2018, for $66 000 Expected useful life is 10 years or 50,000 drinks. In 2018 8,000 drinks were sold, and in 2019, 10,000 drinks were so d. Res dual value is $1 000 Read the requirements c. Prepare a schedule for the double-declining-balanoe method. c. Double-declining-balance Annual Depreciation Accumulated Year Depreciation Book Value 1-1-2018 12-31-2018 S 12-31-2019 66,000 52,800 42,240 13,200 S 13,200 10,560 23,760 Requirement 3. Assume that Mister Macchiato sod the equipment for 540,000 cash on July 1, 2020. Assurrie that managenent has depreciated the equipment by using the double-declining-balance method. Record Mister Macchiato's depreciation for 2020 and the sale of the equipment on July 1, 2020. (Record debits first, then credits. Select the explanation on the last line of the jounal entry table.) Begin by recording Mister Macchiato's depreciation for 2020. Date 2020 Depreciation Expense- Equipment Jul, 1 Accumulated Depreciation-Equipment Accounts and Explanation Debit Credit 41,240 41,240 To record depreciation on equipment