Sh Question one: (6 Points) On January 1, 2020, Life Corp. Paid $14,000 for equipment that is expected to have a six-year life. At the end of its useful life, the estimated residual value of equipment would be $2,000. It was also estimated that the equipment would produce 10,000 units during its life. The equipment will produce 1,500 units during the first year, 2,500 units during the second year, 3000 units during the third year, 1,500 during the fourth year, 1,200 units during the fifth year, and 300 units during the last year. Required: 1. Present the first 2 years only of the depreciation schedule for each of the two depreciation methods. a Double-declining balance method. b. Units-of-production method. 2. If the company is using the Double-declining balance depreciation method. a. Present the adjusting entry for the depreciation at Dec 31, 2021 (for the second year). b. Present an extract of the balance sheet at Dec 31, 2021 and present an extract of the income statement of the year 2021. 3. Which method best tracks the wear and tear on the equipment? Which method minimize income tax payment during the first years of using the asset? W 99 Focus NO