Hotworx buys a specialty table saw for its metal fabrication business on January 1, 2021. The machine cost $350,000 and is expected to be used for five years. At the end of the five years the machine is expected to have a market value of $15,000. Instructions: a) Calculate the depreciation expense for the first year (2021) using i. The straight-line method and ii. The double-declining balance method. b) Calculate the expected balance of accumulated depreciations at the end of three years (12/31/23) assuming the company uses the straight-line method. c) Continuing to apply the straight-line method, calculate the gain or loss on same if the company sells the saw for $175,000 after three years (on January 1, 2024). Clearly indicate whether it is a gain or a loss, and the amount (show the calculation)