. Computing Straight-Line and Double-Declining-Balance Depreciation On January 2, Haskins Company purchased a laser cutting machine for use in the fabrication of a part for one of its key products. The machine costs $65,000, and its estimated useful life is five years, after which the expected salvage value is $5,000. For both parts (a) and (b) below: (1) Compute depreciation expense for each year of the machine's five-year useful life under that depreciation method. (2) Use the financial statements effects template to show the effect of depreciation for the first year only for that method. what is the depreciation expense using the FIFO method