Instructions: Using the sum-of-the-years-digit and double-declining balance depreciation methods, compute the depreciation expense for years 2020 and 2021, and the book value of the asset at the end of 2021 for each of the following two independent cases. Please show your work briefly and have your final answers summarized in the tables. Round the final answers in the tables to the nearest dollar when needed. b. Muffin Co. acquired a equipment on May 1, 2020, at a cost of $56,000. The machine has an estimated salvage value of $3,500 at the end of its 7-year useful life. The depreciation adjustment is done at the end of every calendar year. Depreciation expense Depreciation expense Book value as of Depreciation method for 2020 for 2021 Dec. 31, 2021 Sum-of-the-years'-digits Double declining balance