QUESTION 3 (28 marks) PARTI Best Seller Company bought a motor van on 1 February 2015 costing $245,000 with a residual value of $20,000 and estimated useful life of 10 years. The motor van was depreciated on a straight-line basis, with depreciation for partial years rounded to the nearest full month. After serious consideration, on 1 January 2017, the company had decided to change the depreciation method from straight line to double-declining-balance method. The estimated years of useful life was revised from the original 10 years to 7 years, total 5 years remaining and with the residual value changed to $16,000. On 1 January 2019, the company sold its motor van at $81,500 cash. Required: (SHOW WORKINGS) (a) (b) Compute the yearly depreciation expense for Years 2015 to 2018. (8 marks) Calculate the gain or loss on the disposal of the motor van on 1 January 2019. (2 marks) (C) Prepare the Journal Entry for the sale of the motor van on 1 January 2019. (Explanation of Journal Entry is required.) (10 marks) PART II What are the two possible methods of accounting for expenditures made during the useful life of a PPE asset? How does one determine which method to apply? (8 marks)