Record and determine effect of depreciation method over life of asset. P9.7B (10 2,3) PEI Productions Ltd. purchased equipment on February 1, 2021. for $50,000. The company estimated the equipment would have a useful life of three years and would produce 10,000 units, with a residual value of $10,000. During 2021, the equipment produced 4.000 units. On October 31, 2022, the machine was sold for $12,000; it had produced 5.000 units that year. Instructions a. Record all the necessary entries for the years ended December 31, 2021 and 2002, for the following depreciation methods: (1) straight-line. (2) double-diminishing-balance, and (3) units-of-production b. Complete the following schedule for each method of depreciation and compare the total expense over the two-year period. Straight-Line Double-Diminishing-Balance Units-of-Production Depreciation expense 2001 2022 Total depreciation expense for two years + Loss (or - gain) on disposal = Net expense for two years Record property transactions, prepare partial statement of financial position