Freedom Co. purchased a new machine on July 2, 2019, with a total installed cost of $47,000. The machine has an estimated lifespan of five years and an estimated recovery value of $6,700.

1. Calculate the depreciation expense for each year over the asset's life using:

-Direct depreciation.

-Double reducing balance depreciation.

2. Freedom Co. How much depreciation expense should be recorded under each method for the fiscal year ended December 31, 2019? (Note: The machine will be used for half of the first year of use.)

3. Calculate the accumulated depreciation and net book value of the machine at 31 December 2020 for each method.