InstructionsNew lithographic equipment, acquired at a cost of \$800,000 on March 1 of Year 1 (beginning of the fiscal year), has an estimated useful life of five years and an estimatedresidual value of \$90,000. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year.On March 4 of Year 5, the equipment was sold for \$135,000.Required:1. Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year,and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double-declining-balance method.2. Journalize the entry to record the sale assuming that the manager chose the double-declining-balance method.3. Journalize the entry to record the sale in (2) assuming that the equipment was sold for \$88,750 instead of \$135,000.

Question
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image  to question uploaded. I have been really having issues writing the journal entries

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Step 1
1. (a)

Determine the annual depreciation expense, accumulated depreciation, and the book value by straight-line method.

Step 2
1. (b)

Determine the annual depreciation expense, accumulated depreciation, and the book value by double-declining-balance method.

Step 3

2.

Journalize the entry to record the sale under the double-de...

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