Case #2 On April 1st, 2016, Khalifa Inc has purchased an equipment for $ 895,00. This is expected to have 5 useful life years. The salvage value is $ 95,000. Khalifa Inc considers depreciation expense for the nearest whole month. Required: a) Calculate the amount of depreciation on 31st December 2016 and 31st December 2017 using Straight Line Method of Depreciation. (2 Marks) b) Calculate the depreciation expenses for 31st December 2016, 31st December 2017, 31st December 2018, 31st December 2019 and 31st December 2020 using a declining balance method