On January 1, 20X4, Woodson Distributor's Inc. purchased a machine costing $48,000. The machine is estimated to have a residual value of $2,000 and a four-year life. A. In the following chart, compare how much depreciation expense should be recorded each year of the asset's life if the company uses the straight-line versus the double-declining balance depreciation (DDB) method. (12 pts) Straight-line Method DDB Method Year Year 1 Year 2 Year 3 Year 4 Total over all four years Space for calculations: B. Prepare the entry on 12/31/X4 to record depreciation expense for 20X4, assuming the straight- line depreciation method is used. (9 pts) + Date Account Name Debit Credit 12/31/X4 C. If the asset had been placed into service on March 1, 20X4 instead of January 1, 20X4, what would be the amount of depreciation expense recorded for the year ending 12/31/X4 under each of the two methods? Round to the nearest whole dollar. (4 pts) Straight-line depreciation expense for the year ending 12/31/X4: Answer $ DDB depreciation expense for the year ending 12/31/X4: Answers