b. Beta Company produces a variety of coverings for electrical wiring. On January 1, 2017 it acquired new production equipment at a cost of $50,000. The machine has an expected life of four years and an estimated salvage value of $5,000. Required: 1. Prepare a four-year depreciation schedule for the machinery under: 1.1. Straight-line method. 1.2. Reducing-balance method. 2. Assume that on January 1, 2019 the company disposed of machine for $35,000. Under the reducing-balance method, compute the gain or loss on disposal for financial reporting purposes. [Marks: (16+10)=26]