(Year-end) Fan Feb Ms. Apr. May June July Aug Sept Oct Nov 2022 D Equipment will last five years (2022-2027) On May 31, 2022, Taco Taqueria, a Mexican restaurant purchased equipment for $15,000 cash. Taco Taqueria estimates that the equipment will last five years (useful life). The restaurant expects to sell the equipment for $3,000 at the end of five years. Taco Taqueria, prepares financial statements on an annual basis and has a December 31 year-end. a. Record the journal entry on May 31, 2022. Date Account Description Debit Credit b. Using the straight-line depreciation method, calculate the depreciation for 2022 (May 31 to Dec. 31 2022). C. In order to prepare the annual financial statements, record the adjusting journal entry for depreciation on December 31, 2022. Date Account Description Debit Credit