On July 1, 2014, 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 2014 and 2015 using the 1. sum-of-the-years'-digits method. 2. double-declining balance method. Sum-of-the-Years'-Digits Method 2014 2015 Equipment $2,160,000 $2,160,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year Double-Declining Balance Method Equipment $2,160,000 $2,160,000 Less: Accumulated Depreciation Year-End Book Value Depreciation Expense for the Year (b) Assume the company had used straight-line depreciation during 2014 and 2015. During 2016, the company determined that the equipment would be useful to the company for only one more year beyond 2016. Residual value is estimated at $120,000. Compute the amount of depreciation expense for the 2016 income statement