Hi need help with this question. Please show work, thank you.

Tesla purchased a machine for $475,000 on May 1, 2022. Its estimated salvage value is estimated at $90,000 and its expected life is 5 years. Tesla reports financial information using a calendar year-end December 31.

Instructions:

Calculate the depreciation expense (to the nearest dollar) using the following methods, showing the figures used for the calendar year noted.

Assume that depreciation is calculated based on the month the asset is added and continues until the month when it is disposed of (or until fully depreciated to estimated salvage value).

Questions:

A. Straight-line for 2022 and 2023

B. Double-declining balance for 2022 and 2023

C. Assume that straight-line depreciation was used and the asset was sold on April 1, 2024. Cash proceeds of $300,000 were received from the sale of the machine. Record the transaction to reflect this asset sale.

D. Without recalculating, assume that the part C. transaction occurred, but double-declining balance depreciation was used. How would the gain/loss reported in part C. differ? Why?