A machine was acquired on January 1, 2022, at a cost of $80,000. The machine was originally estimated to have a residual value of $5,000 and an estimated life of 5 years. The machine is expected to produce a total of 100,000 components during its life, as follows: 15,000 in 2022, 20,000 in 2023, 20,000 in 2024, 30,000 in 2025 and 15,000 in 2026. 23 marks SHOW ALL YOUR CALCULATIONS Instructions (a) Calculate the amount of depreciation to be charged each year, using each of the following methods 1. Straight-line method 2. Units-of-production 3. Double diminishing-balance (b) Which method results in the highest depreciation expense during the first two years? Over all five years