The Shady company purchased equipment on January 1, 2020. The cost of the equipment is $70,000, the residual value is $6,000, and it has a useful life of 4 years. The company's year end is December 31
Complete the depreciation schedule below to calculate the depreciation expense over the useful life of the equipment.
a) Using straight line depreciation method
Year	Cost	Depreciation expense	Accumulated Depreciation	Carrying Amount
b) Using double-diminishing balance method
Year	Carrying amount brought forward	Depreciation expense	Accumulated Depreciation	Carrying Amount

Question 3
Assuming the asset above was sold on December 31, 2022 for $30,000. Prepare the journal entries for the sale using the information from the straight-line balance method at that date.
	Dr.$	Cr.$