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 $93,000. It also paid $4,800 for freight on the equipment, $2,700 to prepare the equipment for use in the warehouse, and $1,500 for insurance to cover the equipment during operation in Year 1. The equipment was estimated to have a residual value of $4,700 and be used over three years or 31,000 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 9,400 hours in Year 1; 8,800 hours in Year 2; and 10,000 hours in Year 3. 5. On December 31 of Year 2 before the year-end adjustments, the equipment was sold for $29,500. Record the sale of the equipment assuming the company used the straight-line method.