Part 2: Now assume on June 30, 2020, Brian's Bakery decided to sell the baking equipment for $68,000. The company has been using the straight line method of depreciation. Required: 1. Compute the amount of depreciation that should have been taken on the equipment until 6/30/20, and the gain or loss on the sale. 2. Prepare the journal entry recorded by Brian's Bakery on 6/30/20 for the disposition of the ice cream equipment. DATE ACCOUNT DEBIT CREDIT Final Exam Review Chapter 9 Gain or Loss on Disposal of an Asset Brian's Bakery originally purchased baking equipment on 1/1/19 for $100,000. The equipment had an estimated life of 5 years, 180,000 baking hours, with an estimated salvage value of $10,000. The company estimated it would bake 25,000 hours in year 1, 45,000 in year 2, 45,000 in year 3, 35,000 in year 4, and 30,000 in year 5. Part 1: Compute depreciation for 2019 and 2020 under straight line, units of production, and double declining balance methods. Straight Line: Units of Production: Double Declining Balance