on January 1 2020, Van Buren corporation purchased equipment for 58,000. management estimates that equipment will be used for ten years and have a salvage value of 7,500. Van Buren has a december 31 fiscal year end and monthly financial statements are not prepared.

1.Calculate depreciation expense for 2020 using straight line depreciation. prepare journal entry in good form.

2.Calculate depreciation expense for 2020 using double declining balance method