Covey Company purchased a machine on January 1, 2022, by paying cash of $270,000. The machine has an estimated useful life of five years, is expected to produce 600,000 units, and has an estimated residual value of $27,000. Required: A. Calculate depreciation expense for each year of the machine's useful life under. Note: Do not round the intermediate calculation. Round your final answer to the nearest whole dollar. 1. Straight-line depreciation method. 2. Double declining-balance method. Straight-line depreciation Double declining- balance method method Depreciation expense for Year 1 S 48,600 $ 100,000 Depreciation expense for Year 2 $ 48,600 $ 40,000 Depreciation expense for Year 3 $ 48,600 $ 36,000 Depreciation expense for Year 4 $ 48,600 $ 21,600 Depreciation expense for Year 5 S 48,600 12,960