Part 3: PP&E Transactions 8) Taylor and Sons buys equipment on Aug. 1,2008 for $100,000 cash. They estimate the equipment will have a salvage value of $13,000 and a useful life of 5 years. a. Write the journal entry to record depreciation for 2008. 2/31/08 b. Record the journal entry to record depreciation expense for the second year 12/31/09 What is the book value of this equipment on the December 31, 2009 Balance Sheet? c. 9) Paige Industries purchased equipment on May 1, 2011 for $150,000. The equipment is estimated to have a $45,000 salvage value at the end of its 5 year life. The company uses straight-line method of depreciation. What is the balance in accumulated depreciation at 12/31/15? 10) On March 1, 2014, Timberland Inc sells machinery for $86,000. The machinery originally cost $142,000 and had an estimated 8 year life with an expected salvage value of $22,000. The Accumulated Depreciation account had a balance of $91,250 on December 31, 2013. a. What is the gain or loss on the date of the sale? (Hint: Don't forget to update depreciation through the date of sale first!) b. What is the journal entry to record this sale