On January 2, Haskins Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The machine cost \(\$ 75,000\), and its estimated useful life is five years, after which the expected salvage value is \(\$ 5,000\). For both parts \(a\) and \(b\) below: (1) Compute depreciation expense for each year of the machine's five-year useful life under that depreciation method. (2) Use the financial statements effects template to show the effect of depreciation for the first year only for that method.

a. Straight-line

b. Double-declining-balance