STRAIGHT LINE DEPRECIATION & MORE On March 31, 2020 Rats be Gone Inc., purchased equipment for $95,000 that makes rat traps. RbG Inc. also paid $2,300 for freight and $2,700 for installation. The equipment is expected to last 4 years and have a salvage value of $10,000. RbG Inc expects the machine to produce a total of 30,000 rat traps. Compute the answers for the dates and information requested below. A depreciation schedule is not required, but may be prepared. Please show your calculations. **hint - read what is being asked for carefully and for what time period a) Depreciation Expense 2020 year 1) b) Depreciation Expense 2021 c) Accumulated Depreciation 12/31/2022 d) Net Book Value 12/31/2023 e) Depreciation Expense 2024 STRAIGHT LINE : GAIN / LOSS ON SALE 2)) Suppose on August 31, 2023 Rats be Gone sold the equipment They have been using the SL method to depreciate the equipment. Prepare the journal entry at the date of the sale if the equipment was sold for al $20,000 cash and b) $30,000 cash. Show your work here: a) JOURNAL ENTRY: sold for $20,000 cash: Account: Debit Credit 8/31/2023 STRAIGHT LINE: GAIN / LOSS ON SALE CONTINUED b) JOURNAL ENTRY: sold for $30,000 cash Account: 8/31/2023 Debit Credit STRAIGHT LINE: CAPITAL COST / CHANGE IN DEPRECIATION 4) Suppose instead of selling the equipment on 8/31/2023, the company invests $6,375 cash into the equipment for capital improvements. This will allow the equipment to last 3 years from the date of improvements and now have a salvage value of $4,000. Assume that RbG Inc is using SL Depreciation Depreciation Journal entry for 2024: Date Account Debit Credit 12/31/24 caclulations