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Current Attempt in Progress Monty Corporation purchased machinery on January 1, 2022, at a cost of $270,000. The estimated useful life of the machinery is

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Current Attempt in Progress Monty Corporation purchased machinery on January 1, 2022, at a cost of $270,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $32,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation Years Depreciable Cost * Depreciation Rate - Annual Depreciation Expense Accumulate Depreciatio 2022 2023 2024 2025 DOUBLE-DECLINING-BALANCE DEPRECIATION ner.edu/courses/7705/assignments/54687 DOUBLE-DECLINING-BALANCE DEPRECIATION Computation Years Book Value Beginning of Year * Depreciation Rate - Annual Depreciation Expense Accumulate Depreciatio 2022 $ 2023 2024 2025 1.750 'Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value. e Textbook and Media Which method would result in the higher reported 2022 income? In the highest total reported income over the 4-year period? utation End of Year Depreciation Rate Annual Depreciation Expense Accumulated Depreciation Book Value 1,750" Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value. e Textbook and Media Which method would result in the higher reported 2022 income? In the highest total reported income over the 4-year period? e Textbook and Media Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value. e Textbook and Media Which method would result in the higher reported 2022 income? In the highest total reported income over the 4-year period? eTextbook and Media Which method would result in the lower reported 2022 income? In the lowest total reported income over the 4-year period? eTextbook and Media

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