On January 1, 20X1, JackJoe, Inc. purchased equipment for $1,100,000. It cost an additional $100,000 to deliver, install, and calibrate the equipment. While it was being installed, the machine was dropped and it required $300,000 in repairs. This machine has a service life of 4 years, at which time it is expected that the device will be scrapped for a $x salvage value. Choose a salvage value, a number between $10,000 and $200,000. JackJoe uses the straight-line depreciation method. Calculate the annual depreciation expense, accumulated depreciation, and (a) related calculations for X1. (5 points) Show how the asset and related accumulated depreciation would appear (b) on a balance sheet at December 31, 20X1. (10 points) Prepare journal entries to record the asset's acquisition, annual (c) depreciation for X1, and the asset's eventual sale for $99.000 on Jan 1, X5. (5 points)