Question 3 (20 points) On January 1, 2009, Pumba Company purchased equipment for $360,000. The estimated useful life of this asset was 4 years, and the salvage value was $60,000. Required: Answer these questions on this paper Part A: 1. Prepare a schedule showing depreciation for the life of the asset, assuming that the company used the straight line method of depreciation. Date cost Dec 31,2009 Dec 31, 2010 Dec 31, 2011 Dec 31, 2012 2. Depreciation expense Accumulated depreciation Net Book Value Prepare the journal entry to record depreciation for the first year only. Part B: 1. Prepare a schedule showing depreciation for the life of the asset, assuming that the company used the double declining balance method of depreciation. Date Net Book Value, Beg Depreciation expense Dec 31,2009 Dec 31, 2010 Dec 31, 2011 Dec 31, 2012 Accumulated depreciation Net Book Value, End 2. Prepare the journal entry to record depreciation for the first year only.