P-Global purchased equipment on January 1, 2020, for $374,000. They expected the equipment to last for five years and to have a residual value of $60,000. 1. Assuming that the company will use a straight-line depreciation, create a depreciation schedule (table) for this asset. 2. What is the depreciation expense for this asset in the first year? Would some of the other methods result in higher depreciation expense? Why or why not