Question 33 Equipment was purchased July 1, 2016 for $30,000 Residual value is $5,000 and the expected life is 5 years. Calculate the depreciation expense using Double Declining Balance for the year ended December 31, 2019 and record the journal entry for 2019. Debit Depreciation Expense $5,760 Credit Accumulated Depreciation $5,760 Dehit Depreciation Expense $3,456; Credit Accumulated Depreciation $3,456 Debit Depreciation Expense 56,000: Credit Accumulated Depreciation $6,000 Debit Depreciation Expense 59,600. Credit Accumulated Depreciation 59,600 Question 38 The company acquired land with a fair value of $60,000 $10,000 was paid as a down payment and a 10% note (payable in six months) was signed. Show the acquisition of the land O Debit Land $60,000, Credit Cash $10,000 and Note Payable for $60,000 O Debit Land $60,000; Credit Cash 10,000 and Note Payable $50,000 Debit Land $75,000; Credit Accumulated Depreciation $7,500 and Note Payable $67,500 Debit Land $75,000; Credit Cash $15,000 and Note Payable 560,000