Odyssey Ltd. purchased machinery on January 1, 2023, for $60,000. The machinery is estimated to have a residual value of $6,000 after a useful life of eight years.

(a) Calculate the 2023 depreciation expense using the double-declining-balance method.

(b) Calculate the 2024 depreciation expense using the double-declining-balance method, but assuming the machinery was purchased on October 1, 2023. Do not round intermediate calculations and round the final answer to the nearest dollar.

(c) Discuss when it might be more appropriate to use the straight-line method of depreciation and when the double-declining-balance method is more appropriate.