Jefferson Company purchased a piece of equipment on January 1, 2014. The equipment cost HK$600,000 and has an estimated life of 8 years and a residual value of HK$80,000.

What was the depreciation expense for the asset for 2015 under the double declining-balance method? 

What was the depreciation expense for the asset for 2015 under the straight-line method? 

Prepare journal entries