Sheffield Corp. purchased a boardroom table for $16,000. The company planned to keep it for four years, after which it was expected to be sold for $1,000 (a) Calculate the depreciation expense for each of the first three years under the straight-line method and the double-diminishing: balance method. assuming the table was purchased early in the first month of the first year. (1) Straight-line method, (2) Double-diminishing-balance method. Year 1$ Year 2 Year 35 Assuming Sheffield sold the table for $6,800 at the end of the third year, calculate the gain or loss on disposal under each depreciation method. Straight-line method Double-diminishing-balance method eTextbook and Media