Freedom Co. purchased a new machine on July 2, 2016, at a total installed cost of $48,000. The machine has an estimated life of five years and an estimated salvage value of $6,700 a-1. Calculate the depreciation expense for each year of the asset's life using Straight-line depreciation. Year a-2. Calculate the depreciation expense for each year of the asset's life using Double-declining-balance depreciation. Depreciation b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2016, under each method? (Note: The machine will have been used for one-half of its first year of life.) Ex Straight-line Double-declining balance c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2017, under each method. Accumulated Cost S48,000 Net Book Value Straightline Double-declining-balance 48,000