Partial-Year Depreciation Equipment acquired at a cost of $105,000 has an estimated residual value of $12,000 and an estimated useful life of 10 years. It was placed into service on May 1 of the current fiscal year, which ends on December 31. a. Determine the depreciation for the current fiscal year and for the following fiscal year by the straight-line method. Depreciation Year 1 Year 2 b. Determine the depreciation for the current fiscal year and for the following fiscal year by the double-declining- balance method. Depreciation Year 1 Year 2 Revision of Depreciation A building with a cost of $1,800,000 has an estimated residual value of $125,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. a. What is the amount of the annual depreciation? b. What is the book value at the end of the twenty- eighth year of use? $ c. If at the start of the twenty-ninth year it is estimated that the remaining life is 5 years and that the residual value is $80,000, what is the depreciation expense for each of the remaining 5 years? Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $212,000 has an estimated useful life of 15 years, has an estimated residual value of $14,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fifth year? b. Assume that the equipment was sold on April 1 of the sixth year for $105,800. 1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank. 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank