On July 2, 2019, Victoria Inc. purchased equipment for $720,000. This equipment has an estimated useful life of five years and an estimated residual value of $30,000. Depreciation is taken for the portion of the year the asset is used. Victoria has a December year end. Instructions a) Assume that Victoria is using the double-declining balance, compute the depreciation expense for 2019 and 2020. (4 marks) Depreciation expense in 2019: Depreciation expense in 2020: b) Instead, assume Victoria used straight-line depreciation during 2019 and 2020. During 2021, the company determined that the equipment would be useful to the company for only one more year beyond 2021. Residual value is estimated at $40,000. Calculate the amount of depreciation expense for the 2021 income statement. 4 marks) Depreciation expense for 2021