On January 1, Edwards Company paid $55,300 to purchase a large piece of equipment that will last 7 years. Required: 1. How much is depreciated by the end of the first year? 2. What will be the book value of the equipment at the end of the first year, after the adjusting entries have been prepared and posted? Note: Use straight-line depreciation and no salvage value. 1. Amount depreciated : 2. Book value of the equipment