Q-2) Hawk Company purchased air conditioning system for its business activities on September 1, 2019, for $60,000. The expected useful life of the air conditioning system is 8 years and its residual (salvage) value is zero. Company uses double declining balance depreciation method for its air conditioning system. REQUIRED: Compute the depreciation expense for 2020. Record the necessary adjusting entry (journal entry) as of December 31, 2020 for depreciation and show their effects on the financial statements (Income Statement for 2020 and Balance sheet as of December 31, 2020)