(Chapter 6) Please answer all parts of the question. Thank you!

Computing Straight-Line and Double-Declining-Balance Depreciation On January 2, Haskins Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The machine cost $95,000, and its estimated useful life is five years, after which the expected salvage value is $5,000. For both parts (a) and (b) below: (1) Compute depreciation expense for each year of the machine's five-year useful life under that depreciation method. (2) Use the financial statements effects template to show the effect of depreciation for the first year only for that method (a) Straight-line er year Use negative signs with your answers below, when appropriate Balance Sheet Noncash Contributed Earned Transaction Cash Asset Assets abilities Capital Capital Record first depreciation Income Statement Net Revenue Expenses Income (b) Double-declining Year Depreciation Expense Use negative signs with your answers below, when appropriate Balance Sheet Contributed Earned Transaction Cash Asset Noncash AssetsLiabilities Capital Capital Record first depreciation Income Statement Net Revenue Expenses Income Check