1. A draw bench for precision forming and strengthening of carbon steel tubing has a cost of $900,000. It will have a salvage value of $98,000 after a useful life of 10 years. a) Using the formulas, determine the depreciation charge for year 7 and the book value at the end of year 7 if straight-line depreciation is used. [5pts] Final answer: b) Using the formulas, determine the depreciation charge for year 7 and the book value at the end of year 7 if double declining balance depreciation is used. [5pts]