Equipment costing $290,000, with an expected scrap value of $30,000 and an estimated usedful life of five yers, was purchased on January 1, 2012. Calculate the depreciation expense for years 2012 to 2016 using the straight line method and then calculate using the double-declining method. Which method would you prefer to use for income tax purposes? Which method would you prefer to use for financial reporting purposes? Why?