You are running a business and you have the following information about a new long$-$lived asset you purchased. Calculate the depreciation expense and the accumulated depreciation for the life of the asset. CostReady for use date Estimated useful life Residual value$$59,800$ January $1,$ Year $14$ years $$7,0001.$ Calculate the depreciable amount $($cost residual value$)\mathrm{.}2.$ Determine the annual depreciation $($depreciable amount $/$ estimated useful life$)\mathrm{.}3.$ If required, determine the monthly depreciation $($annual depreciation $/12$ months$).$Complete the chart below.Year ended Months Depreciation Accumulated Book value Used expense depreciation $($cost $-$ acc. depr.$)31-$Dec $-$ Year $231-$Dec $-$ Year $431-$Dec $-$ Year $131-$Dec $-$ Year $3$