Fit to page Depreciation Schedules & Disposals Madrigal Corporation acquired a new vehkle for $82,000. The asset has a 5 yeat expected useful and a residual value of $7,000. Prepare depreciation schedules for all five years under both the straight-line and double declining balance methods Straight Line Method Year Depreciation Expense Net Book Value Accumulated Depreciation X X Double-Declining Balance Method Depreciation Expense Net Book Value Accumulated Depreciation Calculate the gain or loss if the company uses the straight-line method and sells the asset for $47.000 at the beginning of year 3, and record the entry. (HINT: Use NBV at the end of Year 2) Calculate the gain or loss if the company uses the double-declining balance method and sells the asset for $47.000 at the beginning of years and record the entry. KHINTE Ure NBV at the end of Year 2!)