Part I Calculate the book value of a three-year-old machine that cost $25,000, has an estimated residual value of $5,000, and has an estimated useful life of five years. The company uses double-declining-balance depreciation. Round to the nearest dollar. (4 marks) Part II Federal Express is the world's leading express-distribution company. In addition to the world's largest fleet of all-cargo aircraft, the company has more than 669 aircraft and 53,000 vehicles and trailers that pick up and deliver packages. Assume that Federal Express sold a small delivery truck that had been used in the business for three years. The records of the company reflected the following: Delivery truck cost Accumulated depreciation $28,000 23,000 Required: Prepare the journal entry for the disposal of the truck, assuming that the truck sold for (1) $5,600 cash and (2) $4,600 cash. (8 marks)