On November 1, 2020, Glengarry Farms Ltd. purchased used harvesting equipment for $88,000. The equipment has an expected useful life of eight years and an estimated residual value of $8,000. On April 15, 2021, the company paid $250 cash for oiling and greasing of the equipment, and another $400 to replace belts and hoses. The companys fiscal year ends on October 31.

Required: 1. Prepare journal entries to record the transaction of April 15, 2021 and the depreciation expense for fiscal year 2022 that ended on October 31, 2022. The company uses the doubledeclining balance method to depreciate its equipment. (4 marks)