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Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $15,000. The estimated useful life was five years and the residual value was $1,000. Assume that the estimated productive life of the machine is 10,000 hours. Expected annual production was year 1, 2400 hours, year 2, 2300 hours: year 3, 2.200 hours, year 4. 2.100 hours, and year 5. 1000 hours 3. Assume NGS sold the hydrotherapy tub system for $4,800 at the end of year 3 The following amounts were forecast for year 3 Sales Revenues $53,000, Cost of Goods Sold $41,000, Other Operating Expenses $5.300, and interest Expense $1100. Create an income statement for year 3 for each of the different depreciation methods, ending at Income before Income Tax Expense. (Don't forget to include a loss or gain on disposal for each method) (Do not round Intermediate calculations. Round your answers to the nearest doller amount.) % Answer is not complete. NICOLE'S GETAWAY SPA (Forecasted) Income Statement For the Year Ended Yeaca Straight Units of Double Line Production Declining Balance s 53.000 s 53 000 $ 53,000 41.000 41.000 41.000 12,000 12.000 12.000 E slo Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Other Operating Expenses Depreciation Expense 5.300 3.000 5,300 2.300 5.100 2,304 o O Total Operating Expenses Income from Operations Interest Expense Loss (Gain) on Disposal Income before Income Tax Expense O 3.300 3.700 (1.100) (2,200) 3 400 8.600 3.400 X (1.1001 (050) 1.450 7,004 4,300 (1.100) 1.344 4.152 O Nicole's Getaway Spa (NGS) purchased a hydrotherapy tub system to add to the wellness programs at NGS. The machine was purchased at the beginning of the year at a cost of $16,000. The estimated useful life was five years and the residual value was $1,000. Assume that the estimated productive life of the machine Is 10,000 hours. Expected annual production was year 1, 2,400 hours; year 2 2,300 hours, year 3, 2.200 hours: year 4 2100 hours, and year 5.1000 hours 2. Assume NGS sold the hydrotherapy tub system for $4,800 at the end of year 3. Prepare the journal entry to account for the disposal of this asset under the three different methods (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Round your final answers to the nearest dollar amount.) View transaction list Journal entry worksheet