Depreciation methods Hampstead Ltd purchased new equipment on 1 January 2019, at a cost of $590 000. The company estimated that the equipment has a useful life of 5 years and a residual value of $45 000. Ignore GST. Required (a) Assuming a financial year ending 30 June, calculate the amount of depreciation expense for each year ending 30 June 2019 through to 30 June 2024, with each of the following methods: i. straight-line ii. diminishing balance. (LOS)