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Depreciation by two methods; sale of fixed asset Instructions New ithographic equipment, acquired at a cost of $859,200 on March 1 at the beginning of a fiscal year, has an estimated uselul life of 5 years and an estimated cesidjel value of $95,660. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. In the first week of the fith year, on March 4, the equipment was sold for $141,422 Required: 1. Determine the annual depreciation expense for each of the estimated 5 years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-ine method and (b) the doublo-declining-balance method. 2. Joumalize the entry to record the sale, assuming the manager chose the double-doclining-balance method. 3. Joumalize the entry to recond the sale in (2), assuming that the equipment was sold for 596,962 instoad of $141,422. 3. On March 4, joumalize the entry to record the sale in (2), assuming that the equpment was sold for 595,902 instead of 5141 , 422 Genetal Journal instructions nace ! \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ joukeul } & \multicolumn{3}{|c|}{ ACCOUNTING EQUATION } \\ \hline & Datt: & oxknernon: & nost ofr & Benit & estert & sisces & Lesutes & tQurfr \\ \hline 1 & & & & & & & & \\ \hline 1 & & & & & & & & \\ \hline 1 & & & = & & & & & \\ \hline * & & & & & & & 10 & \\ \hline \end{tabular} a. Straight-line method Additional Instruction b. Double-declining-balance method 2. On March 4, joumalze the entry to record the sale, assuming the manager chose the double-declining-balance method. 1. Defermine the annual depreciation expense for each of the estimated 5 years of use, the accumulated depreciation at the ond of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double declining-balance method. b. Douple-declining-balance method