Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $47,000. The machine has an estimated life of five years and an estimated salvage value of $6,600.

Required:

Calculate the depreciation expense for each year of the asset's life using:

Straight-line depreciation.

Double-declining-balance depreciation.

How much depreciation expense should be recorded by Freedom Company for its fiscal year ended December 31, 2022, under each method? (Note: The machine will have been used for one-half of its first year of life.)

Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method.

Depreciation ExpenseYear 1Year 2Year 3Year 4Year 5

Depreciation Expense
Year 1
Year 2
Year 3
Year 4
Year 5

Depreciation Expense
Straightline
Double-declining-balance

Cost	Accumulated Depreciation	Net Book Value
Straightline	$47,000
Double-decliningbalance	47,000