Your company has obtained the following pieces of equipment: Equipment A 1. Purchased on September 1, 2017 for $25,000 in cash. Estimated life = 10 years, estimated salvage = $1,000. Method of Depreciation = straight line. 2. Used the equipment in 2017 3. Used the equipment in 2018 4. Used the equipment in 2019 5. On March 1, 2020, changed the estimated life from a total of 10 years to a total of 7 years. 6. Used the equipment in 2020. Questions (please show and label your work) a. Prepare journal entries for the above events b. What is the book value of the equipment on December 31, 2019? Equipment B 1. Purchased on November 1, 2018, by issuing 2,000 shares of your $10 par common stock. Your stock had a market value of $42 per share. Estimated life = 8 years, estimated salvage value = $4,000. Method of Depreciation = 200% declining balance. 2. Spent $600 to have the equipment delivered to you. 3. Used the equipment in 2018 4. Spent $750 for minor repairs on the equipment on July 1, 2019. 5. Used the equipment in 2019 6. Sold the equipment on May 1, 2020, for $60,000 in cash. Questions (please show and label your work) c. Prepare journal entries for the above events