On July 1, 2013, Sparks Company purchased for $2,160,000 snow-making equipment having an estimated useful life of 5 years with an estimated residual value of $90,000. Depreciation is taken for the portion of the year the asset is used. Instructions (a) Complete the form below by determining the depreciation expense and year-end book values for 2 and 2014 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. Sum-of-the-Years'-Digits Method Equipment Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year Double-Declining Balance Method Equipment 2013 2014 $2,160,000 $2,160,000 $2,160,000 $2,160,000 Year-End Book Value Depreciation Expense for the Year (b) Assume the company had used straight line depreciation during 2013 and 2014 During 2015, the company determined that the equipment would be useful to the company for only one more year beyond 2015. Residual value is estimated at $120,000. Compute the amount of depreciation expense for the 2015 income statement