I am considering buying an automobile for use in my business. The cost of the auto is $20,000. I expect it to last for 4 years. I also figure it will be driven about 80,000 miles before I get rid of it. I expect the value of the auto to be $8,000 when I am finished with it. Part 1: Compute the amount of depreciation for each year using (1) straight line method, (2) units of production method assuming 30,000 miles in year one, 25,000 miles in year two, 15,000 miles in year three and 10,000 miles in year four, and (3) declining balance method (two times straight line). Part 2: Assume that at the end of year four, I sell the automobile for $9,000. Prepare the journal entry for the sale