On January 1^st, 2020, Fiona and Co purchased equipment for $360,000. The estimated useful life of this asset was 4 years, and the residual value was $30,000.

Required:

1. Prepare a schedule showing depreciation for the life of the asset, assuming that the company used the straight-line method of depreciation. (5 points)
2. Prepare a schedule showing depreciation for the life of the asset, assuming that the company used the double-diminishing-balance method of depreciation. (10 points)