Gandolfi Construction Company purchased a CAT $336$DL earth mover at a cost of $$435,000$ in January $2022.$ The company$$s estimated useful life of this heavy equipment is $10$ years, and the estimated salvage value is $$86,000.$

Required:

Using straight$-$line depreciation, calculate the depreciation expense to be recognized for $2022,$ the first year of the equipment$$s life, and calculate the equipment$$s net book value at December $31,2024,$ after the third year of the equipment$$s life.

Using declining$-$balance depreciation at twice the straight$-$line rate, calculate the depreciation expense to be recognized for $2024,$ the third year of the equipment$$s life.