Equipment was bought by a company on January 1, Year One, for $40,000. It had an expected useful life of five years and a $5,000 residual value. Unfortunately, at the time of purchase, an error was made. The accountant debited supplies expense for $40,000 and credited cash. No adjusting entry was ever made. At the end of Year One, the company reported net income of $100,000 and total assets of $300,000. What should those reported figures have been under each of the following situations? a. The company uses the straight-line method to depreciate all equipment. b. The company uses the double-declining balance method to depreciate all equipment.