Questions 1-6: Prepare journal entries to record each of the following events: Question 1: Tony spends $20,000 (cash) on a piece of equipment for use in his store. He plans to use the straight-line method to depreciate the equipment over 5 years. He expects it to have no value at the end of the 5 years. To record the purchase: Debit Credit To record depreciation each year: Debit Credit Question 2: After 4 years, Tony sells the equipment for $4,000. To record the sale of the asset: Debit Debit Credit Question 3: Same as question 2, except he sells the equipment for $6,000. To record the sale of the asset: Debit Debit Credit Credit Question 4: Same as question 2, except he sells the equipment for $2,000. To record the sale of the asset: Debit Debit Credit Credit