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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: a. 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 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.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method. Answer is not complete. Complete this question by entering your answers in the tabs below. 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: a. 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 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.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method. Answer is not complete. Complete this question by entering your answers in the tabs below. Calculate the depreciation expense for each year of the asset's life using Double-declining-balance depreciation