Whyte Company purchased a forklift, on January 1, 2015 for $35,000. The estimated life of the Asset is 5 years.

Required:

(a) Prepare the Journal Entry to record the purchase of the forklift.

(b) Prepare the adjusting Journal Entry to record depreciation expense on December 31, 2015, 2016, 2017 using declining balance depreciation.

(c) Prepare the adjusting entry to record depreciation expense for the years December 31, 2015-2017 using Straight- line depreciation.

(d) Prepare the journal entry to record the disposal of the Forklift at December 31, 2017, under each method of depreciation used in question.