On January 1, 2015, Declan Company purchased a machine for $170,000. The machine had a $20,000 salvage value and a five -year useful life. Required: 1. Calculate the depreciation expense that Declan would recognize each year, assuming that they use the straight-line depreciation method? (Note: you only need to show one years worth, since it will be the same amount each year.) Be sure to show your calculations. 2. What is the Book Value of the asset at the end of the third year, assuming Declan used the straight-line method? Be sure to show your calculations. 3. Calculate the depreciation expense, accumulated depreciation and book value of the asset, assuming that Declan uses the double-declining balance method. (I recommend that you create a chart to work this part of the problem.) 4. Assume that Declan sold the asset for $35,000 on December 31st, 2018. How much gain or loss would they recognize on the sale, assuming they used the a) Straight-line method and b) Double-Declining balance method? Assume that Declan purchased the machine on May 1^st instead of January 1^st. How much depreciation expense would they recognize in a) year 1 and b) year 2, assuming that they used the straight-line method? (5 points). Assume that Declan purchased the machine on May 1^st instead of January 1^st. Prepare a chart showing the depreciation expense, accumulated depreciation and book value for all years assuming that they used the double-declining balance method? (15 points)