On January 1, Year 1, a company purchased equipment. The details of the equipment purchase are below. Original Cost Estimated Residual Value Estimated Useful Life Years in use until sold $115,000 $25,000 Requirement 2: Sale amount Requirement 3: Sale amount Requirement 4: Retired $75,000 $65,000 $0 Required: 1. Based on the information above, calculate Depreciation Expense, Accumulated Depreciation and Book Value of the equipment using the Straight-Line method for years 1-3. 2. Assume that the equipment is sold at the end of year 3 for the sale amount in cell B9. (a) Calculate the Gain or Loss on sale. (b) Prepare the journal entry to record sale of the asset. 3. Assume that the equipment is sold at the end of year 3 for the sale amount in cell B10. (a) Calculate the Gain or Loss on sale. (b) Prepare the journal entry to record sale of the asset. 4. Assume that the equipment is retired at the end of year 3 (zero proceeds, given in cell B11). (a) Calculate the Gain or Loss on retirement. (b) Prepare the journal entry to record retirement of the asset.