(11 marks, 11 minutes) General Corporation purchased equipment on January 1, 2021 for $97,000. It is estimated that the equipment will have a s residual value at the end of its 4-year useful life. Using straight line depreciation, calculate the depreciation expense for the year ended December 31, 2021. $ 1) What is the carrying value of the equipment at December 31, 2022? $ 2) What is the carrying value at December 31, 2023?$ 3) What is the carrying value at December 31, 2024? $ 4) If the company sells the equipment for $30,000 on December 31, 2023, did they create a gain or loss on sale? 5) How much is the gain or loss? $ * Note please just type in the difference. No minus or plus signs General Corporation purchased equipment on January 1, 2021 for $97,000. It is estimated that the equipment will have a $17,000 esidual value at the end of its 4 year useful life. Using straight line depreciation, calculate the depreciation expense for the year ended December 31, 2021.5 What is the carrying value of the equipment at December 31, 202278 What is the carrying value at December 31, 2023?$ What is the carrying value at December 31, 2024? $ If the company sells the equipment for $30,000 on December 31, 2023, did they create a gain or loss on sale? How much is the gain or loss? $ * Note please just type in the difference. No minus or plus signs are need