Freedom Co. purchased a new machine on July 2,2019 , at a total installed cost of $49,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. Required: o. Calculate the depreciation expense for each year of the asset's life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31,2020 , under each method. Complete this question by entering your answers in the tabs below. Calculate the depreciation expense for each year of the asset's life using Straight-line depreciation. Calculate the depreciation expense for each year of the asset's life using Double-declining-balance depreciation. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31 , 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) \begin{tabular}{|l|l|l|l|} \hline Required A1 & Required A2 & Required B Required C \\ \hline \end{tabular} Calculate the accumulated depreciation and net book value of the machine at December 31,2020 , under each method. \begin{tabular}{|l|rr|r|r|} \hline & \multicolumn{2}{|c|}{ Cost } & AccumulatedDepreciation & Net Book Value \\ \hline Straight-line & $49,000 & & \\ \hline Double-declining-balance & 49,000 & & \\ \hline \end{tabular}