On September 1,2020 , Sport Company purchased for $4,600,000 snow-making equipment having an estimated useful life of 8 years with an estimated salvage value of $250,000. Depreciation is taken for the portion of the year the asset is used. Instructions (a) Complete the form below by determining the depreciation expense and year-end book values for 12.31 .2020 and 12.31 .2021 using the (b) If the equipment is sold on June 30th2022, cash received from selling the equipment is $750,000, prepare the journal entry to record the sale of this equipment by using 1. Straight-line method 2. Double declining method