Baugh Travel, whose year-end is December 31, purchased $55,500 worth of office furniture on January 7, 2019, and has an estimated useful life of five years and a salvage value of $500. Calculate the depreciation expense for the first three years of the office furniture and show how the office furniture would be reported on the balance sheet at December 31, 2021, using each of the depreciation methods below.

A. Straight-line depreciation

B. Double-declining-balance depreciation