The balance sheets of Tully Corp. showed the following at December 31, 2020, and 2019: Equipment, less accumulated depreciation of $88,600 at December 31, 2020, and $55,375 at December 31, 2019. December 31, 2020 $ 68,200 December 31, 2019 $101,425 Required: a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of depreciation expense for 2020? b. Assume the same facts as in part a, and assume that the estimated useful life of the equipment is four years and the estimated salvage value is $23,900. Determine: 1. What the original cost of the equipment was. 2. What depreciation method is apparently being used. 3. When the equipment was acquired. c. Assume that the equipment is sold on December 31, 2020, for $56,000. Prepare the horizontal model and record the journal entry for the sale of the equipment. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required C1 Required C2 If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of depreciation expense for 2020? Depreciation expense < Required A Required B1 >