Choice Among Depreciation Methods Walnut Ridge Production Inc. purchased a new computerized video-editing machine at a cost of $370,000. The system has a residual value of $55,600 and an 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. End of Year 2 3 Depreciation Expense Accumulated Depreciation Book Value b. The double-declining-balance method. End of Year I 3 Depreciation Expense Accumulated Depreciation Book Value 2. Which method would produce the largest income in the first, second, and third years of the asset's life? Year Method 2 3 b. The double-declining-balance method. End of Year 1 Depreciation Expense Accumulated Depreciation Book Value 2 3 2. Which method would produce the largest income in the first, second, and third years of the asset's life? First year Year Method Second year Third year