Question 7 (6 marks, suggested time 4 - 6 minutes) Education Company purchased equipment on January 1, 2020. Assuming the cost of the equipment is $60,000, the residual value is $6,000, a useful life of 4 years and the use of the diminishing balance method using 2 times the straight line rate. The company's year end is December 31. Place your answer in the box to the far right hand side of the question. Show calculations in the space provided below each question. 1 In words, what is (are) the component(s) of this asset's depreciable amount? 2 In numbers, what is the depreciable amount of the asset 3 What is the depreciation rate? (%) 4 In words, at the end of the asset's useful life, what is the carrying value of the asset. 5 In numbers, at the end of the asset's useful life, what is the carrying value of the asset