On January 1, 20X1, Pagoda Pond Construction acquired a small excavator for $85,000. This device had a 4-year service life to Pagoda, at which time it is expected that the equipment will be sold for a $10,000 salvage value. Pagoda uses the double-decli

On January 1, 20X1, Pagoda Pond Construction acquired a small excavator for $85,000. This device had a 4-year service life to Pagoda, at which time it is expected that the equipment will be sold for a $10,000 salvage value.
Pagoda uses the double-declining balance depreciation method.
(a)	Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.
(b)	Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X3.
(c)	Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $10,000.

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