Lincoln Co., whose accounting period ends on December 31, purchased a machine for $6,800 on January 1

Question:

Lincoln Co., whose accounting period ends on December 31, purchased a machine for $6,800 on January 1 with an estimated residual value of $840 and an estimated useful life of 4 years. Prepare depreciation schedules for the current as well as the following year using

(a) Straight-line

(b) Double declining-balance at twice the straight-line rate methods.