Problem 8-9 The following information pertains to the equipment acquired by Xie Co. on January 1, 20x6. Use this information to answer parts (a), (b), and (c). Cost Estimated residual value Estimated life Estimated production 20x6 actual production $120,000 $ 20,000 4 years 40,000 units 9,000 units Required - a. Determine the depreciation expense for the year ending December 31, 20x6, assuming the company uses the: i) straight-line method ii) units-of-production method b. On January 1, 20x7, due to a preventative maintenance system that had been implemented, management felt that the total estimated life of the equipment would be 5 years with a total estimated production of 50,000 units. Accordingly, the estimates were revised. In 20x7, 12,000 units were produced. No change in estimated residual value was anticipated. Determine the depreciation expense for the year ending December 31, 20x7, assuming the company uses the: i) straight-line method ii) units-of-production method c. On January 1, 20x8, the equipment was sold for $75,000. Prepare the journal entry to record the sale assuming the company uses the: i) straight-line method il units-of-production method