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A review of Misha's Crystal Ball, Inc's. fixed asset purchases during the fiscal year 2024...

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Accounting

A review of Misha's Crystal Ball, Inc's. fixed asset purchases during the fiscal year 2024 noted the following fixed assets and the method of depreciation:
\table[[\table[[Equipment],[Item No.]],Cost,\table[[Salvage],[Value]],\table[[Purchase],[Date]],Estimated Life,Depreciation Method],[1,$81,500,$8,000,71?24,6 years,Straight-line],[2,$125,000,10,000,31?24,8 years,\table[[Double-declining],[balance]]]]
Required (Be sure to show your work and round to two decimal places, dollars and cents):
a) Calculate the depreciation expense for equipment item 1 for Year 1 and Year 2 for the year ended December 31,2024, and 2025.
b) Calculate the depreciation expense for equipment item 2 for Year 1 and Year 2 for the year ended December 31,2024, and 2025.
(5 points extra credit - create the journal entries for Year 1 for Equipment items 1 & 2)
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