Question 3 Depreciation (10marks) ABC Company purchased a $50,000 equipment on January 1, 2010. The equipment's estimated useful life is 5 years with no salvage Value. a) Calculating depreciation expense for 2010 if the company uses the straight-line depreciation method and preparing the related journal entry b) Calculating depreciation expense for 2010 if the company uses the sum-of-years'-digits depreciation method. c) Assume that the equipment is sold on January 1, 2014, for $4000. 1If the company uses the straight-line depreciation method, prepare the related journal entry