2. Beta Company produces a variety of coverings for electrical wiring. On January 1, 2020 it acquired new production equipment at a cost of $350,000. The machine has an expected life of five years and an estimated salvage value of $50,000. Required: 1. Prepare a five-year depreciation schedule for the machinery under: a. Straight-line method. b. Reducing-balance method. 2 2- Assume that on January 1, 2022 the company disposed of machine for $150,000. Under the reducing-balance method, compute the gain or loss on disposal for financial reporting purpose