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Question 3 Partially correct Mark 14.00 out of 17.00 P Flag question o Edit question Computing Depreciation Expense. Equipment costing $440,000, with an expected scrap value of $40,000 and an estimated useful life of 5 years, was purchased on January 1, 20 Calculate the depreciation expense for years 2012 to 2016 using: (a) the straight-line method and (b) the double-declining balance method. Round to the nearest whole number. 2012 80,000 $ 2013 80,000 $ 2014 80,000 $ 2015 80,000 $ 2016 80,000 Straight-line depreciation $ Double-declining balance (a) without straight line switch-over 5 (b) with straight-line switch-over 5 176,000 $ 176,000 $ 105,600 $ 105,6005 63,360 5 80,000 X 5 38,016 $ 80,000 X 5 17,024 80,000 x Which method is typically preferred for: (a) income tax purposes? Double-declining balance b) Financial reporting purposes? Straight line method e Question 3 Partially correct Mark 14.00 out of 17.00 P Flag question o Edit question Computing Depreciation Expense. Equipment costing $440,000, with an expected scrap value of $40,000 and an estimated useful life of 5 years, was purchased on January 1, 20 Calculate the depreciation expense for years 2012 to 2016 using: (a) the straight-line method and (b) the double-declining balance method. Round to the nearest whole number. 2012 80,000 $ 2013 80,000 $ 2014 80,000 $ 2015 80,000 $ 2016 80,000 Straight-line depreciation $ Double-declining balance (a) without straight line switch-over 5 (b) with straight-line switch-over 5 176,000 $ 176,000 $ 105,600 $ 105,6005 63,360 5 80,000 X 5 38,016 $ 80,000 X 5 17,024 80,000 x Which method is typically preferred for: (a) income tax purposes? Double-declining balance b) Financial reporting purposes? Straight line method e