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N 2 1. Equipment with a cost of $440,000, estimated life of 5 years, and residual Balance Method. The equipment was purchased on January 1st, 2018. a. Calculate the depreciation expense for 2020 b. Make the journal entry to record depreciation expense for 2020. C. This asset is sold for $280,000 December 31, 2020. Make the journal entr d. Make the journal entry for selling the asset for $90,000 (instead of the $28 V V ET Arial 3 (12pt) TF Paragraph v S T Te Q Mashups DEV 0 to e QUESTION 2 1. Equipment with a cost of $440,000, estimated life of 5 years, and residual value of $90,000, is depreciated by the Double Declining Balance Method. The equipment was purchased on January 1st, 2018. a. Calculate the depreciation expense for 2020 b. Make the journal entry to record depreciation expense for 2020. C. This asset is sold for $280,000 December 31, 2020. Make the journal entry to record the sale. d. Make the journal entry for selling the asset for $90,000 (instead of the $280,000 from part Cabove)