1. Triangle Inc. Triangle Inc. purchases 3 grills to cook chickens on for a total of $3,000. Triangle estimates the grills' useful life is 4 years and that they can be sold for a total of $200 dollars at that point. a. Calculate depreciation expense and remaining book value for each year using straight- line and double declining balance methods. b. The grills are sold after 2 years for $1,000. Provide journal entries for this sale for both of the methods used here to calculate depreciation. c. Suppose that instead of selling the grills Triangle concludes after two years that the residual value is $400. Calculate depreciation expense and remaining book value using the straight-line method. Impairment test Quatrain Inc. owns a machine that has a book value (the value reported on the balance sheet for that machine that reflects the purchase price less accumulated depreciation) of $7,000. The firm estimated that the net cash flows from the machine are $2,000 for each of the next three years. The discount rate is 5%. What value should the firm report for the machine after the impairment test