Simba Trailers specializes in assembling containers for trucks. They use heavy machinery in an assembly plant with the following history: January 1, 2012: Bought heavy duty equipment for $100,000 with a useful life of 10 years and a salvage value of $10,000 September 1, 2015: Annual inspection this year indicates that the total useful life of the equipment must be revised to 8 years due to heavy usage and the salvage value reduced to $3,000 October 1, 2017: Simba Trailers decide to sell this equipment for $40,000 cash Required: If Simba Trailers used the double declining balance of Depreciation, what is the depreciation rate? What is the book value of the asset for the year ending December 31, 2012 under this method? For all remaining parts, assume Simba Trailers uses the Straight-Line method of depreciation 1. What is the depreciation expense and the adjusting entry for the year ending December 31, 2012? 2. What is the depreciation expense for 2015 and the adjusting entry to record it? 3. Show the journal entry to record the sale of the asset