PART D Calculating and Recording Depreciation Expense (21 points) Problem 1 (9 points) The Merrick Company bought store equipment on July 3 of the current year at a cost of $4,800. The store equipment has an estimated useful life of six years and an estimated disposal value of $600. Directions: Prepare a depreciation schedule for the first three years of useful life of the store! equipment. Use the straight-line method to complete the following form. Annual Depreciation Accumulated Depreciation Book Value $4,800.00 Score Cost July 3 $4,800.00 First year (July-December) Second year Third year