Equipment costing $41,000 was purchased on January 1, 2019. It has an estimated useful life of 4 years and a salvage value of $3,000.

Required:

1. Calculate depreciation expense for 2019 and 2020 using (a) straight-line rate, and (b) double-declining balance method.
2. Determine the book value of the machine at December 31, 2020under the (a) straight-line method and (b) double-declining balance method.