Computing Straight-Line and Double-Declining-Balance Depreciation On January 2, Haskins Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The machine cost $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.

(a) Straight-line per year Use negative signs with answers below, when appropriate. Balance Sheet Earned +Capital Noncash Contributed Transaction Cash AssetAssetsLiabilitiesCapital Record first ear depreciation Income Statement Net Revenue -Expenses - Income