Monty Corporation purchased machinery on January 1, 2017, at a cost of $320,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $24,000. The company is considering different depreciation methods that could be used for financial reporting purposes.

Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate.

Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate Computation End of Year Depreciable Cost Depreciation Rate Annual Depreciation Expense Years Accumulated De Book Value 2017 2018 2019 2020 Computation End of Year Book Value Beginning of Year Depreciation Rate Annual Depreciation Expense Years Accumulated De Book Value 2017 2018 2019 2020 Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value