The Shady company purchased equipment on July 1,2020. Assuming the equipment cost is $70,000, the residual value is $6,000, a the equipment has a useful life of 4 years. The company uses 2 times the straight line rate for the diminishing balance method. The company's year end is December 31 . Prepare a depreciation schedule that shows the annual depreciation expense on the equipment for its 4-year life using: a) Straight line depreciation method. b) diminishing balance depreciation method