Complete the straight-line and double-declining-balance depreciation tables below using the following:

Equipment Cost$280,000

Residual Value5,000

Complete the straight-line and double-declining-balance depreciation tables below using the following: Equipment Cost $280,000 Residual Value 5,000 Life 5 years STRAIGHT-LINE Year Cost Year 1 280,000 Year 2 280,000 Year 3 280,000 Year 4 280,000 Year 5 280,000 Depreciation Expense Accumulated Depreciation Depreciation Expense Accum Depreciation Book Value Book Value DOUBLEDECLININGBALANCE Year Cost Year 1 280,000 Year 2 280,000 Year 3 280,000 Year 4 280,000 Year 5 280,000 PROBLEM 2 Assume that the equipment in problem 1 is to be depreciated using the units-of-output method with a life estimate of 100,000 hours. Record the depreciation for the year if the equipment was actually used 23,000 hours. Date Description Debit Credit