Bentley Inc. recently paid $118,000 for equipment with an estimated five year useful life and residual value of $10,000. By using the equipment in its operations for five years, the company expects to earn $48,000 annually, after deducting all expenses except depreciation. Complete the following schedules assuming each of straight-line depreciation and double-declining-balance depreciation. Round all amounts to the nearest dollar. For simplicity, assume the equipment is depreciated as an individual item and will not be broken into its parts and depreciated. Straight-Line Depreciation Income before depreciation Depreciation expense Net income (loss) 5-Year 2023 2024 2025 2026 2027 Totals Double-Declining-Balance Depreciation Income before depreciation Depreciation expense Net income (loss) 5-Year 2023 2024 2025 2026 2027 Totals