On August 3, Cinco Construction purchased special-purpose equipment at a cost of $6,900,000. The useful life of the equipment was estimated to be eight years, with an estimated residual value of $20,000. . 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. 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.)