Blue Spruce Corp, purchased a boardroom table for $24,000. The company planned to keep it for four years, after which it was expected to be sold for $2,000. (a) Your answer is correct. Calculate the depreciation expense for each of the first three years under the straight-line method and the double-diminishing- balance method, assuming the table was purchased early in the first month of the first year. (1) Straight-line method. Year 1 $ 5,500 Year 2 $ 5,500 Year 3 5.500 (2) Double-diminishing-balance method. Year 1 19 $ 12.000 Year 2 $ 6,000 Year 3 +A $ 3,000 (b) Assuming Blue sold the table for $8,000 at the end of the third year, calculate the gain or loss on disposal under each depreciation method. Straight-line method Double-diminishing-balance method $ 0