On August 3, Cinco Construction purchased special-purpose equipment at a cost of $5,200,000. The useful life of the equipment was estimated to be eight years, with an estimated residual value of $80,000. 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. 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.