Choice Arnong Depreciation Methods Walnut Fidge Production Inc. purchased a new computerized video-editing machine at a cost of $370,000, The system has a residual value of $56,200 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-fine method. b. The double-dedining-balance method. 2. Which method would produce the largest income in the first, second, and third years of the asset's life? Choice Arnong Depreciation Methods Walnut Fidge Production Inc. purchased a new computerized video-editing machine at a cost of $370,000, The system has a residual value of $56,200 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-fine method. b. The double-dedining-balance method. 2. Which method would produce the largest income in the first, second, and third years of the asset's life