Flint Corporation purchased machinery on January 1, 2022, at a cost of $290,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $34,000. 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 rato. STRAIGHT-LINE DEPRECIATION Computation Depreciable Cost x Depreciation Rate = Annual Depreciation Expense End of Year Accumulated Depreciation Years Book Value 2022 2023 2024 2025 DOUBLE-DECLINING-BALANCE DEPRECIATION Computation Book Value Beginning of Year * Depreciation Rate = Annual Depreciation Expense Years End of Year Accumulated Depreciation Book Value 2022 2023 2024 2025 2 250 Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value. LINK TO TEXT