P9.7B (LO 2, 3) PEI Productions Ltd. purchased equipment on February 1, 2021, for $50,000. The company estimated the equipment would have a useful life of three years and would produce 10,000 units, with a residual value of $10,000. During 2021, the equipment produced 4,000 units. On October 31, 2022, the machine was sold for $12,000; it had produced 5,000 units that year. Instructions a. Record all the necessary entries for the years ended December 31, 2021 and 2022, for the following depreciation methods: (1) straight-line, (2) double-diminishing-balance, and (3) units-of-production. b. Complete the following schedule for each method of depreciation and compare the total expense over the two-year period. Straight-Line Double-Diminishing-Balance Units-of-Production Depreciation expense 2021 2022 Total depreciation expense for two years + Loss (or gain) on disposal Net expense for two years