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.

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. 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.) View transaction list Journal entry worksheet Record the purchase of equipment, freight, preparation costs, and insurance. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal 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 straight-line method. (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) Year Depreciation Expense Accumulated Depreciation Net Book Value 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 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 your final answer to nearest whole dollar.) Year Depreciation Expense Accumulated Depreciation Net Book Value Complete this question by entering your answers in the tabs below. 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.) View transaction list View journal entry worksheet Debit Credit No 1 Date December 31 General Journal No Transaction Recorded 2 December 31 No Transaction Recorded