Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $50,000. The machine has an estimated life of five years and an estimated salvage value of $6,600.

Required:

1. Calculate the depreciation expense for each year of the asset's lifeusing:
   1. Straight-line depreciation.
   2. Double-declining-balance depreciation.
2. 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.)
3. Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method.