Keating Ltd purchased new equipment on 1 January 2019, at a cost of $590,000. The company estimated that the equipment has a useful life of 5 years and a residual value of $45,000. Ignore GST.

Required

Assuming a financial year ending 30 June, calculate the amount of depreciation expense for each year ending 30 June 2019 through to 30 June 2024 with each of the following methods:(Show all workings)

i. straight line

ii. diminishing balance.