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Need help figuring out the Depreciation Expense amount for year 1 and 2 Golden Manufacturing Company started operations by acquiring $115,200 cash from the issue

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Golden Manufacturing Company started operations by acquiring $115,200 cash from the issue of common stock. On January 1, Year 1. the company purchased equipment that cost $115,200 cash, had an expected useful life of six years, and had an estimated salvage value of $23,040. Golden Manufacturing earned $86,530 and $61,420 of cash revenue during Year 1 and Year 2, respectively. Golden Manufacturing uses double-declining-balance depreciation. Required: Prepare income statements, balance sheets, and statements of cash flows for Year 1 and Year 2. Use a vertical statements format. (Hint: Record the events in T-accounts prior to preparing the statements.) (Do not round Intermediate calculations. Round your final answers to the nearest whole dollar. Amounts to be deducted and net loss should be indicated with a minus sign.) GOLDEN MANUFACTURING COMPANY Financial Statements Year 1 Year 2 Income statements Sales revenue 86,530 $ 61,420 Depreciation expense Net Income $ 86,530 $ 61,420 Balance sheets Assets Cash $ 86,530 $ 147,950 Equipment 115.2007 115200 Accumulated depreciation (38.400)| (64,000) $ 163,330 $ 199,150 Total assets Stockholders' equity Common stock $ 115,200 $ 115200

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