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P.3.3. LaBrant Company acquired an equipment at the beginning of year 1. Estimated useful life of the equipment is 5 years. Below are the depreciation schedules prepared by the company's accountant using three methods to compare the results: straight-line, sum-of-the-years'-digits, and double- declining-balance. Assuming these schedules are prepared correctly, answer the following questions. Year Straight-line Sum-of-the- Double-declining- years'-digits balance Annual depreciation 1 13,000.00 21,666.67 28,000.00 2 13,000.00 17,333.33 16,800.00 3 13,000.00 13,000.00 10,080.00 4 13,000.00 8,666.67 6,048.00 5 13,000.00 4,333.33 4,072.00 Total: 65,000.00 65,000.00 65,000.00 (a) What is the cost of this equipment? (b) What is the salvage value for this equipment, if any? (c) Which method results in the highest depreciation expense in year 1? (d) Which method results in the lowest depreciation expense in year 4? (e) Which method results in the highest book value at the of year 3? (f) If LaBrant Company decides to sell this equipment at the end of year 4, which method would result in the highest gain (or lowest loss) on disposal? P1.2. Before adjusting entries, at the end of 2021, Wimpy Co.'s trial balance was as following: Cr Dr 27,900 5,200 800 18,600 40,000 Cash and cash equivalents Accounts receivable Allowance for doubtful accounts Inventory Long-term investments Accounts payable Unearned revenue Notes payable Common stock Retained earnings Revenues Bad debt expense Utilities expense 3,700 1,200 3,000 50,000 25,800 13,500 4,300 2,000 98,000 98,000 a. Assuming that an additional 5% of net accounts receivables will be uncollectible, what is the appropriate journal entry to record the bad debt expense? b. Assume that a total of 10% of gross accounts receivable will be uncollectible. Instead of Allowance for doubtful accounts of $800 credit, the balance was $800 debit. What is the appropriate journal entry to record the bad debt expense? P.2.5. The following records show Muriel's company transactions in February 2022: Date Description Units Unit cost Beginning balance 600 $4.50 Feb 2 Purchase 800 $4.75 Feb 7 Purchase 1,200 $4.80 Feb 16 Purchase 550 $5.20 Feb 21 Sale 750 Feb 25 Sale 1,640 Feb 28 Purchase 1,000 $5.50 Assuming periodic inventory system, compute ending inventory and cost of goods sold at the end of February using (a) FIFO, (b) LIFO, and (c) average-cost. Assuming the unit selling price is $10.50, which method will result in the highest income tax expense