Assume that on March 15th, Edward Snips purchased a hair washing station and paid $3,330.88 which included both PST and GST. The installation of the sink cost $581.70 which included GST only. The useful life of the asset is estimated at 8 years and the salvage value is $500 Required: 1. Create the journal entries for both the purchase of the asset and the installation 2. Calculate the annual depreciation for years 1, 2 and 3 under the following methods: a. Straight line method b. Double Declining Balance