Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $46,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. 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.