Exercise 11-9 (Part Level Submission) Sheridan Company Ltd. acquired equipment at the beginning of Year 1. The asset has an estimated useful life of 5 years. An employee has prepared depreciation schedules for this asset using two different methods, in order to compare the results of using one method with the results of using the other. Assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method and (2) the double-declining-balance method. Sheridan Company Ltd. prepares its financial statements under IFRS Year Straight-Line Double-Declining-Balance $12,100 12,100 12,100 12,100 12,100 $60,500 $28,000 16,800 10,080 5,620 0- $60,500 Total (a) Your answer is correct. What is the cost of the asset that is being depreciated? Cost of the asset 70000 What amount, if any, was used in the depreciation calculations for the residual value of this asset? Residual value