Wellsburgs Co. Purchased equipment costing $840,000 on credit with an eight year life, and estimated $28,000 salvage value on January 1, 2004. Wellsburgh Co. Will depreciated the equipment using the double declining balance method. required: 1) Calculate depreciation expense for the equipment for 2004, and 2005. 2) Prepare the Journal entries to record the following. a) purchased of equipment on January 1, 2004. b) Depreciation in 2004.