On January 2, 2020, Rachel, Inc. purchased a new machine for its factory. The new machine cost

$55,000, has an expected useful life of 7 years and an estimated residual value of $5,000.

Prepare a depreciation schedule for the new machine using the following depreciation methods:

1) Straight Line (SL)

2) Sum-of-the-Years-Digits (SYD)

3) Declining Balance using twice the straight line rate (DDB)

4) Modified Accelerated Cost Recovery System (MACRS) (5 year asset class)