PROBLEM:3 Sangria Boat Lifts purchased equipment on January 1, 2017 for $96,000. It is estimated that the equipment will have a $5,000 residual value at the end of its 8-year useful life. It is also estimated that the equipment will produce 100,000 units over its 8- year life. Instructions: Answer the following independent questions. a) Calculate the amount of depreciation expense for the year ended December 31, 2017, using the straight-line method of depreciation. b) If 16,000 units of product are produced in 2017 and 36,000 units are produced in 2018, what is the carrying amount of the equipment at December 31, 2018 using the units-of-production depreciation method? c) If the company uses the double diminishing-balance method of depreciation, what will be the balance of the Accumulated Depreciation-Equipment account at December 31, 2019? SO 3 and 4