On August 3, Cinco Construction purchased special-purpose equipment at a cost of $5,929,000. The useful life of the equipment w estimated to be eight years, with an estimated residual value of $33,060 a. Compute the depreciation expense to be recognized each calendar year for financial reporting purposes under the straight-line depreciation method (half-year convention) b. depreciation expense to be recognized each calendar year for financial reporting purposes under t ar convention) with a switch to straight-line when it will m I maximize de c. Which of these two depreciation methods (straight-line or double-declining-balance) results in the highest net income for financial reporting purposes during the first two years of the equipment's use? 3 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the depreciation expense to be recognized each calendar year for financial reporting purposes under the 200 percent declining-balance method (half-year convention) with a switch to straight-line when it will maximize depreciation expense. (Adjust year 9 depreciation, if necessary, so that the total depreciation expense equals depreciable value of the asset. Do not round intermediate calculations and round your final answers to the nearest whole number.) Show less Declining- Year Balance (Half-Year Convention) 1S 741,125 ,296,969 972,727 29,545 547,159 10,369 307,777 230,833 173,124 Totals 5,409 628 Required A Required C >