Novak Corporation purchased a boardroom table for $16,000. The company pianned to keep it for four years, after which it was expected to be sold for $1.000. (a) Your answer iscorrect. Calculate the depreciation expense for each of the first three years under (1) the straight-line method, and (2) the doublediminishing-balance method, assuming the company purchated the table early in the first month of the first year: (1) Straight-line method. Year 1 45 Year 2 is Yoar 3 (2) Double-diminishing-balance method. Year 1 Year 2 Year 3 Assuming Novak sold the table for $5,800 at the end of the third year, calculate the gain or loss on disposal under each depreciation method