A new equipment was acquired at a cost of $$110,000$ at the beginning of the fiscal year $2018,$ which starts on $1$st February. The fiscal year ends on $31$st January. The equipment has an estimated useful life of four years and an estimated residual value of $$10,000.$Required:$(1)$Determine the annual depreciation expense for each of the estimated four years of use, the accumulated depreciation at the end of each fiscal year, and the book value of the equipment at the end of each fiscal year by$($a$)$ the straight$-$line method $(10$ marks$)($b$)$ the double$-$declining$-$balance method. $(10$ marks$)$Use the following columnar headings for each schedule: Year$/$ Depreciation Expense$/$ Accumulated Depreciation$/$ Book ValueAssume that the equipment was sold for $$18,000$ on $31$st March $2021$ and the company uses the double declining balance method for depreciation. Journalize the entry to record the sale. Show whether the company made a profit or incurred a loss and calculate the amount.$(10$ marks$)$