Part D. Rancho Cucamonga, Inc. purchased equipment on January 1, 2012. The equipment cost $110. Rancho estimated the equipment would last ten years and would have a $10 residual (scrap) value at the end of the tenth year. Required: 1. Compute annual depreciation expense if Rancho depreciated the equipment on a straight-line basis. 2. Under straight-line depreciation, report the equipment on the December 31, 2013 (the end of the second year) balance sheet. Equipment, cost $ Less: accumulated depreciation Equipment, net or book value $ 3. Compute the 2012 depreciation expense if Rancho used the double-declining balance method to depreciate the equipment. 4. Under double-declining depreciation, report the equipment on the December 31, 2012 (the end of the first year) balance sheet. Equipment, cost $ Less: accumulated depreciation Equipment, net or book value $