Sheridan Company Ltd. acquired equipment at the beginning of Year 1. The asset has an estimated useful life of 5 years. An employee has prepared depreciation schedules for this asset using two different methods, in order to compare the results of using one method with the results of using the other. Assume that the following schedules have been correctly prepared for this asset using (1) the straight-line method and (2) the double-declining-balance method. Sheridan Company Ltd. prepares its financial statements under IFRS. Year Straight-Line Double-Declining-Balance 1 $14,000 $34,800 23 14,000 20,880 14,000 12,528 4 14,000 1,792 5 14,000 -0- Total $70,000 $70,000