Problem 5 Monroc Co. purchased equipment on January 1, 2022, for $120,000. The equipment has an estimated useful life of 8 years and an estimated salvage value of $20,000. Required: (1) Prepare a table showing depreciation expense and book value of the equipment for the first three years under each of the following methods: a. Straight-line method b. 200% declining balance method (2) Now assume that at the end of 2024, Monroe Co. decided to sell the equipment. Prepare a journal entry to show the sale if the company received $54,000 for the sale of the equipment and uses straight-line depreciation