Quickdrop Service Ltd, uses straight-line depreciation. The company's fiscal year end is December 31. The following transactions and events occurred during their first three years of operations (12 marks): SHOW YOUR CALCULATIONS 2021 Jul 1 Purchased equipment for $64,000 cash, with shipping costs of $4,000, Nov 3 Incurred ordinary repairs on the computer of $720. Dec 31 Recorded 2021 depreciation on the basis of a four-year life and estimated residual value of $400 2022 Dec 31 Recorded 2022 depreciation 2023 Jan 1 Paid $3,200 for a major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipment