Pharoah Company Ltd. shows the following entries in its Equipment account for 2020. All amounts are based on historical cost Equipment Cost of equipment sold (purchased prior to 2020) 1/1 139,000 6/30 24.000 8/10 33.000 8/12 Balance Purchases of equipment Freight on equipment purchased Installation costs Repairs 700 2.800 8/25 11/10 515 Prepare any necessary correcting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Assuming that depreciation is to be charged for a full year based on the ending balance in the asset account no matter when acquired, calculate the proper depreciation charge for 2020 under both methods listed below. Assume an estimated life of 10 years for all equipment at the time of acquisition with no residual value. The equipment included in the January 1, 2020 Equipment balance was purchased in 2018. 1. Straight-line $ 2. Declining-balance (assume twice the straight-line rate) $