Can somebody help me with these question with step-by-step explanation.

On July 3, 2019, Spicy P Corp. purchased equipment for $720,000. This equipment has an estimated useful life of six years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. The asset is a Class 8 asset with a maximum CCA rate of 20%. Spicy P has a December year-end.

Required

1. Complete the schedule below by determining the depreciation expense/CCA and year-end book values/UCC for 2019 and 2020 using the a) double-declining-balance method, b) capital cost allowance method (using maximum rate).

Double-Declining Balance Method2019, 2020

Depreciation expense for year ? ?

Accumulated depreciation ? ?

Year-end book value ? ?

Capital Cost Allowance Method2019, 2020

CCA for year ? ?

End of year UCC ? ?

Total CCA claimed ? ?

2.Instead, assume Spicy P. used straight-line depreciation during 2019 and 2020. During 2021, the company determined that the equipment would be useful to the company for only one more year beyond 2021. Residual value is estimated at $40,000. Calculate the amount of depreciation expense for the 2021 income statement.