Strawberry Company has the following beginning balances: 12000 25000 90000 Cash Land used in the business Building 80000 20000 27000 Accum. Depr - Bldg Common Stock Retained Earnings Jam Company had the folowing transactions for the year of 2016 1. Had sales of jam S240,000 2. Cost of goods sold was $60,000 3. Wage expense was $70,000 4. Bought a new piece of equipment, cost was 44,000, received a 2 percent discount for paying in cash FOB shipping point cost was $3,700, cost to install it was $4,000 and property insurance cost for this equipment. Additional information about the equipment. Useful life of four years, salvage value of 2,000 went up $400 a year just 5. Total property insurance including additonal amount for new equipment was 5,300. 6. A dividend of 6,000 was paid at year end Under straight line depreciation method ONLY: 1. Write out the journal entries for transactions 1-6, assuming the depreciation method is straight line. 2. Write out the t-accounts, post the journal entries and calculate the ending balances. 3. Prepare the Income StatementfMulti-step), Statement of Retained Earnings and the Balance Sheet Under double declining depreciation method ONLY: 4. Build a chart or showing your work, calculate what the depreciation would be under the double declining balance method for the first three years. 5. Assuming the equipment was sold at the end of the third year for $4,000 cash, write out the journal entry the company used the double declining method. , assuming