Choice Among Depreciation Methods new computerized video editing machine at a cost of $370,000. The system has a residual value of $56,900 and an Walnut Ridge Production Inc. purchased expected life of 5 years. Required: 1. Compute depreciation expense, accumulated depreciation, and book value for the first 3 years of the machine's life using: a. The straight-line method. Depreciation Expense Accumulated Depreciation End of Year Book Value 1 2 3 b. The double-declining-balance method. Depreciation Expense Accumulated Depreciation End of Year Book Value 1 2 IN 3 2. Which method would produce the largest income in the first, second, and third years of the asset's life? Year Method First year Second year Third year