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Blossom Company Ltd. acquired equipment at the beginning of Year 1. The asset has an estimated useful life of 5 years. An employee has prepared depreciation schedules for this asset using two different methods, in order to compare the results of using one method with the results of using the other. Assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method and (2) the double-declining-balance method. Blossom Company Ltd. prepares its financial statements under IFRS. Year Straight-Line Double-Declining-Balance 1 $11,900 $28,800 2 11,900 17,280 11,900 10,368 4 11,900 3,052 5 11,900 -0- Total $59,500 $59,500 What is the cost of the asset that is being depreciated? Cost of the asset $ 72000 What amount, if any, was used in the depreciation calculations for the residual value of this asset? Residual value $ Which method will produce the higher net income in Year 1? Double-declining-balance method will produce the higher net income in Year 1. Which method will produce the higher charge to income in Year 4? Straight-line method will produce the higher charge to income in Year 4. Which method will produce the higher carrying amount for the asset at the end of Year 3? Straight-line method will produce the higher carrying amount for the asset at the end of Year 3. Which method will produce the higher cash flow in Year 1? In Year 4? method will produce the higher cash flow in Year 1. method will produce the higher cash flow in Year 4. If the asset were sold at the end of Year 3, which method would yield the higher gain (or lower loss) on disposal of the asset? Double-declining-balance method would yield the higher gain (or lower loss) on disposal of the asset. Repeat parts (c) through (g) assuming a salvage value of $0 and a physical life of six years using ASPE. method will produce the higher net income in Year 1. method will produce the higher charge to income in Year 4. method will produce the higher carrying amount for the asset at the end of Year 3. method will produce the higher cash flow in Year 1. method will produce the higher cash flow in Year 4. method would yield the higher gain (or lower loss) on disposal of the asset