53 and 54

Question 53 (4 points) A company purchases equipment for $30,000 on July 1, 2014. It estimates that the equipment will have a salvage value of $2,000 and its useful life will be 7 years. Assuming that the company's accounting year ends on December 31 of each year, what will be the Depreciation Expense for the years 2014 (first blank) and 2015 (second blank) assuming straight-line depreciation? In the blanks below, do not enter commas, dollar signs or decimals. Question 54 (4 points) A company purchases equipment for $30,000 on July 1, 2014. It estimates that the equipment will have a salvage value of $2,000 and its useful life will be 5 years. Assuming that the company's accounting year ends on December 31 of each year, what will be the Depreciation Expense for the years 2014 (first blank) and 2015 (second blank) assuming double declining depreciation? In the blanks below, do not enter commas, dollar signs or decimals