A machine costing $91,250 with a 5-year life and $5,500 residual value was purchased January 2. Compute depreciation for each of the five years, using the double-declining-balance method.

Year DepreciationYear 1 $fill in the blank 1Year 2 $fill in the blank 2Year 3 $fill in the blank 3Year 4 $fill in the blank 4Year 5 $fill in the blank 5 A machine costing $91,250 with a 5 -year life and $5,500 residual value was purchased January 2 . Compute depreciation for each of the five years, using the double-declining-balance method