On January 1, 20X1, JackJoe, Inc. purchased equipment for $1,150,000. It cost an additional $50,000 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 5 years, at which time it is expected that the device will be scrapped for a $100,000 salvage value. JackJoe uses the straight-line depreciation method. Calculate the annual depreciation w expense, accumulated 19) depreciation, and related calculations for X1. (5 points) Show how the asset and related (b) accumulated depreciation would (W) appear on a balance sheet at December 31, 20X1. (10 points) Prepare journal entries to record the asset's acquisition, annual (c) depreciation for each year, and the asset's eventual sale for $75,000 on Jan 1, X6. (5 points)