Question 3: XYZ Construction Company purchased a cement mixer on January 1, 2011, for $14,500. The mixer was expected to have a useful life of five years and a residual value of $1,000. The company's year- end is December 31. 1.Compute the depreciation expense and carrying value for 2011 to 2013, using the following two methods: (a) straight-line, (b) double-declining- balance. 2. Prepare the adjusting entries to record the depreciation for 2011, 2012 and 2013 calculated in 1(a). 3. Show the balance sheet presentation for the cement mixer after the entry in 2 on December 31, 2013. 4. Sold the mixer at $2,000 in cash in January 2014, assuming DDB method is used. Prepare journal entry