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 $72,000. It also paid $2,000 for freight on the equipment, $1,300 to prepare the equipment for use in the warehouse, and $800 for insurance to cover the equipment during operation in Year 1. The equipment was estimated to have a residual value of $3,300 and be used over three years or 24,000 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 8,000 hours in Year 1; 7,400 hours in Year 2; and 8,600 hours in Year 3. 5. On December 31 of Year 2 before the year-end adjustments, the equipment was sold for $22,500. 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 Date General Journal Debit Credit 1 January 01 Equipment 75,300 Cash 75,300 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 answers to nearest whole dollar.). Year 1 Depreciation Accumulated Net Book Expense Depreciation Value $ 50,203 $ 50,203 X $ 25,097 X 16,732 x 66,935 8,365 5,577 X 72,512 X 2,788 x 2 3 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 before the year-end adjustments, the equipment was sold for $22,500. 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.). No Date General Journal Debit Credit 1 December 31 Cash 22,500 Accumulated depreciation 48,000 2 December 31 4,800 Loss on disposal of equipment Equipment 75,300 X