Problem #2 Radon Corporation acquired a plant asset on 01/01/21. This asset had an estimated service life of 5 years. A junior accountant within the corporation's controller section has prepared depreciation schedules for the asset using three different methods for comparison purposes. The following depreciation schedules are correctly prepared for this asset (4 points) Which method will produce the highest charge to net income for the year 20217 Year 2021 Straight Line Sum of the Double Declining Years Digits Balance $10,000 $18,000 $24,000 2022 10,000 14,400 2023 10,800 10,800 14,400 0,640 2024 10,800 7.200 5,184 2025 10.500 3.000 Total $54.000 $54,000 1.776 $54,000 You are to show your work in answering the following questions (5 points) What is the historical cost of this asset? b. (4 points) What is the salvage value used in the depreciation calculations? (4 points) Which method will produce the highest net income for the year 2023? (4 points) Which method will produce the highest book value for the asset at the end of year 2024? (4 points) If the asset sold at the end of year 2023, which method would yield the highest gain (or lowest loss) on sale?