#4. Elise and Joe purchased a farm machine for $80,000. Assume a 7-year useful life and the salvage value of $10,000. Complete the following table to calculate the depreciation expense for each year of the useful life using A. Double (200%) Declining Balance Method (6 points) B. Sum-of-the-Years-Digits Method (6 points) C. MACRS (assume 7-year class and mid-year convention) (4 points) Year MACRS % Double Declining Sum-of-the-Years-Digits Balance Depreciation Depreciation $17.500 $16,327 MACRS Depreciation 1 10.71% 2 19.13% 3 4 $9.800 5 15.03% 12.25% 12.25% 12.25% 12.25% 6 $9.800 59,800 7 8 $9.800 NA N/A 6.139 Note: If the depreciation you compute in a cell is not an integer, round it to the integer. 6