12.On January 1, 2020, Far Co. purchased a machine for $525,000. The company expects the machine to last for 10 years or 50,000 hours of operation, with an estimated residual value of $15,000. During 2020 the machine was operated for 3,000 hours, while in 2021 it was operated for 2,600 hours. Calculate the depreciation expense for the machine for 2020 and 2021 using the following depreciation methods: (a) Straight-line 5 5 (b) Double declining-balance