Heduiry Heading 2 Heading Hea Font YUUUUU www.aragraph Styles Uuuu upurury Vuur flows Question 2: Property. Plant & Equipment and Intangibles (14 marks) PARTA Carleton Corporation purchased machinery on October 1, 2016, at a total cost of $98,000. Estimated residual value is $8,000, estimated life of the machinery is 6 years or 50,000 hours. During 2016 and 2017, the machinery was used 1,400 and 8,760 hours, respectively, Required: Compute depreciation under straight-line, units-of-production, and double-declining- balance methods for 2016 and 2017 PARTB On January 1, 2016, Kamloops Corporation purchased equipment for $25,000. Kamloops Corporation expected the equipment to remain in service for 4 years and have a residual value of $5,000. Kamloops Corporation depreciated the equipment using the double-declining-balance method. On June 30, 2018, Kamloops Corporation sold the equipment for $7,500 cash. Required: Prepare journal entries on June 30, 2018, to record depreciation expense for the six months ended June 30, 2018, and to sell the equipment tates)