Replacement Corporation purchased a piece of equipment that will be used in operations on April 1, 2022 for a total cost of $3,485,000. Additional estimates about the equipment are as follows: Total Cost: $3,485,000 Salvage Value: $35,000 Estimated Useful Life: 8 Years Estimated Production Units: 3,000,000 Projected Produced units for the first two years: Year 1 - 425,000 units Year 2 - 530,000 units Instructions: 1) Prepare the journal entry to record the purchase of the Equipment. Assume the equipment was paid in cash. 2) Calculate Depreciation for 12/31/2022 and 12/31/2023 using the following methods: a. Straight Line Depreciation b. Units of Activity c. Double Declining Balance 3) Prepare the Depreciation Schedule in the Following Format: Ending Book Value Beginning Depreciation Accumulated Year Book Value Expense Depreciation 1231/2002 12/31/2003 4) Prepare the journal entries to record Depreciation for both years under all three methods 5) Assume that I sold the Equipment on 4/1/2024 for $2,300,000. Calculate the gain or loss under the Double Declining Balance Method 6) Prepare the journal entries to record the sale of the asset under the double declining balance method