P7. ABC Company purchased equipment on April 1, 2023 for $110,000. ABC depreciated the equipment using the straight-line method The equipment has a 5 -year useful life and an estimated salvage value of $10,000. If no entry is required, write "No Entry' for the account titles ond enter o for the amounts. Required (a) Assuming ABC Company has a 12/31 year end, calculate what depreciation expense was for 2023.5 Show your calculations in good form Depreciation expense for 2023?: (b) Prepare the 12/31/23 adjusting journal entry to record the depreciation for 2023 (c) Calculate the book value of the equipment on 12/31/2023 and 12/31/2024