David Ltd sold the following machine in 2017: Cost Purchase date Useful life Residual value Selling date $150,000 1 July 2014 5 years $10,000 1 July 2017 $74,000 Sales proceeds Required: 1. Prepare depreciation schedule using the sum of years digit depreciation method. (4 marks) 2. Calculate the gain/loss on the sale of the machine (Note: calculate the depreciation using the um of years digit depreciation method.) (3 marks) 3. Prepare the journal entry on the sale of an asset in 2017. (Note: calculate the depreciation using the um of years digit depreciation method.). (3 marks)