Part V: Plant Assets (12 points) Ella Ltd. purchased equipment on January 1, 2022 for $220,000. It is estimated that the equipment will have a $40,000 salvage value at the end of its 12-year useful life. It is also estimated that the equipment will produce 200,000 units over its 12-year life. 1. Assume the company uses the double-declining-balance method of depreciation. What was the amount of depreciation expense for the year ended December 31, 2022? (3 points) *rounding is fine 2. Other than straight-line and declining-balance method, what other method do companies use to calculate depreciation expense (1 points)? 3. Assume the company uses the straight-line method of depreciation. On March 31, 2023, the equipment was sold for $188,000 cash. a) What was the updated total accumulated depreciation at the time of the sale? (4 points) b) If the appropriate entry was already recorded to update depreciation, what was the journal entry to record the sale of the equipment on March 31, 2023? (4 points) Account Titles 10 Debit Credit