On January 2, 20x4 Xander Corp. received its new equipment, which was installed that day, and wrote a cheque to Caterpillar Inc. for $270,000. The equipment will be used to produce Gizmos, and the companys COO estimates that a total of 2,000,000 Gizmos can be produced by this piece of equipment over the next 8 years, after which the residual value of the equipment will be $20,000. During 20x4 Xander produced 180,000 Gizmos. Required - (All parts are unrelated, i.e. complete separately ignoring the other parts) a. Prepare ALL journal entries relating to the equipment for the year ended December 31, 20x4, assuming Xander uses the units-of-production method to depreciate this asset. b. Assume now Xander uses the diminishing balance method of depreciation at a rate of 30%. Calculate the depreciation expense for the year ended December 31, 20x5. (no journal entries required) c. Assume Xander uses the straight-line method of depreciation. If the equipment is disposed of on December 31, 20x8 for $70,000, what is the gain/loss on disposal on the sale of the equipment? Assume that the depreciation expense for 20x8 has already been taken. (no journal entry required)