For the same equipment, prepare a schedule of depreciation for the first five years using the declining-balance method. Canada Customs and Revenue Agency's prescribed rate for depreciation is 30%. The 50% rule applies. (5 marks) Declining Balance Year Depreciation Book Value $50 000.00 1 2 3 4 5 c) Provide the journal entry to record the depreciation expense for Year 1 of part b) above. PART C INCOME STATEMENT (10 minutes/10 marks)