Cheyenne Corporation purchased machinery on January 1, 2017, at a cost of $340,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $32,000. The company is considering different depreciation methods that could be used for financial reporting purposes.

Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation End of Year Book Value Years Depreciable Cost x Depreciation Rate Annual Depreciation Expense Accumulated Depreciation 2017 2018 2019 2020 DOUBLE-DECLINING-BALANCE DEPRECIATION End of Year Computation Years Book Value Beginning of Year x Depreciation Rate Annual Depreciation Expense Accumulated Depreciation Book Value 2017 2018 2019 10,500 2020