Show your work and how you got your calculations 1. On April 1, Year 1, SAS Corp. purchased and placed in service a plant asset. The following information is available regarding the plant asset: Acquisition cost Estimated salvage value.. Estimated useful life. $130,000 $15,000 5 years Make the necessary adjusting journal entries at December 31, Year 1, and December 31, Year 2 to record depreciation for each year under the following depreciation methods: a. Straight-line. b. Double-declining-balance. 2. A corporation received its charter and began business this year. The company is authorized to issue 50,000 shares of $100 par, 10%, noncumulative, nonparticipating preferred stock, and 500,000 shares of no-par common stock. The following selected transactions occurred during this year: Apr. 5 June 15 Issued 250 shares of preferred stock for $104 cash per share. Exchanged 750 shares of common stock for $15,000 in legal services incurred in the organization of the company. Prepare journal entries to record these transactions.