Question 5 (12 points) Phoenix Company acquired machinery costing $36,000 on January 2, 2019. At that time Phoenix estimated that the useful life of the equipment was 8 years and that the residual value would be $6,000 at the end of its useful life. Compute depreciation expense for this asset for 2019, 2020, and 2021 using the a. Straight-line method. (3 points) b. Double-declining-balance method. (3 points) c. Assume that on January 2, 2021, Phoenix revised its estimate of the useful life to 12 years and changed its estimate of the residual value to $1,000. What effect would this have on depreciation expense in 2021 for each of the above depreciation methods? (6 points)