Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash new loading equipment for the warehouse on January 1 of Year 1, at an invoice price of $78,000. It also paid $2,800 for freight on the equipment, $1,700 to prepare the equipment for use in the warehouse, and $1,000 for insurance to cover the equipment during operation in Year 1. The equipment was estimated to have a residual value of $3,700 and be used over three years or 26,000 hours.

Required: 1. Record the purchase of the equipment, freight, preparation costs, and insurance on January 1 of Year 1. 2. Create a depreciation schedule assuming Pool Corporation uses the straight-line method. 3. Create a depreciation schedule assuming Pool Corporation uses the double-declining-balance method. 4. Create a depreciation schedule assuming Pool Corporation uses the units-of-production method, with actual production of 8,400 hours in Year 1; 7,800 hours in Year 2; and 9,000 hours in Year 3. 5. On December 31 of Year 2 before the year-end adjustments, the equipment was sold for $24,500. Record the sale of the equipment assuming the company used the straight-line method.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Record the purchase of the equipment, freight, preparation costs, and insurance on January 1 of Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No General Journal Debit Credit Date January 01 Equipment Prepaid insurance 82,500 1,000 Cash 83,500 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Create a depreciation schedule assuming Pool Corporation uses the double-declining-balance method. (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) Year Depreciation Expense Accumulated Depreciation Net Book Value WN Required 1 Required 2 Required 3 Required 4 Required 5 Create a depreciation schedule assuming Pool Corporation uses the units-of-production method, with actual production of 8,400 hours in Year 1; 7,800 hours in Year 2; and 9,000 hours in Year 3. (Do not round intermediate calculations. Round you final answer to nearest whole dollar.) Year Depreciation Expense Accumulated Depreciation Net Book Value Required 1 Required 2 Required 3 Required 4 Required 5 On December 31 of Year 2, the equipment was sold for $24,500. Record the sale of the equipment assuming the company used the straight-line method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answer to nearest whole dollar.) No Date General Journal Debit Credit