Problem five use the following information to answer parts and before claims construction cleanse Thousand dollars the useful life of the equipment is estimated to be five years or 60,000 hours with a residual value of $180,000 the first four years of the equipment life it was used as follows 2023 16,000 hours 20 24 14,000 hours 2025 12,000 hours 2026 10,000 hours required part a using the double declining balance method calculate the annual depreciation expense for each year and in total for the year 2023 to 2026 assume instead that the company disposed of the equipment on December 31, 2024 for proceeds of $450,000 prepare the journal entry to record the disposal