Foley Inc. purchased equipment for building high-rises. The equipment cost $415,000 on January 1, 2020 and a residual value of $37,000, with a useful life of 7 years. In 2020, Foley Inc. has a gross profit of $800,000 and operating expenses of $327,000. Foley Inc has a tax rate of 36%. Required:

1. Compute the Depreciation Expense for 2021 under both the straight-line and double-declining balance depreciation methods.
2. What is the net cash saved if the accelerated depreciation method is used in 2021?