Question 4 Not yet answered Marked out of 3.00 Equipment was purchased for the cost of $86,950. The equipment was purchased on April 1, Year 1. The company's fiscal year end is November 30. The equipment is estimated to have a five-year life and a $5,350 residual value. The straight-line depreciation method is used for the asset. Using the information above, calculate the following: 1. Depreciation expense for Year 1 (nearest dollar without comma, e.g. 15000): P Flag question 2 Depreciation expense for Year 2 (nearest dollar without comma, e.g. 15000): 3. Equipment's carrying amount, Year 2 ending balance sheet (nearest dollar without comma, e.g. 15000)