A new van costs $25,000, has an estimated useful life of five years and an estimated salvage value of $5,000 at the end of that time. It is expected that the van will be driven 100,000 miles during its useful or service life. The Nation Express Company purchases this van on April 1, 2019. During 2021 the van is driven 13,000 miles and during 2022 it was driven 21,000 miles. Required: 1. Calculate the depreciation expense for 2021 and 2022 using: a. Straight-line b. Double-declining-balance c. Units-of-production Question 3 (10 marks) Part 1 Use the following information for Palmer Co. to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory? Year 3 Year 2 Year 1 Cost of goods sold $643,825 $426,650 $391,300 Ending inventory 97,400 87,750 92,500 Part 2 Lok Co. reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1, $1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000. (a) Compute Lok's total asset turnover for Year 2 and Year 3. (b) Lok's competitor has a turnover of 3.0. Is Lok performing better or worse than its competitor on the basis of total asset turnover