On July 1, 2020, Flounder Company purchased for $4,140,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $172,500. Depreciation is taken for the portion of the year the asset is used.

(a)

Complete the form below by determining the depreciation expense and year-end book values for 2020 and 2021 using the

1.		sum-of-the-years'-digits method.
2.		double-declining balance method.

		2020		2021
Sum-of-the-Years'-Digits Method
Equipment		$4,140,000		$4,140,000
Less: Accumulated Depreciation		$		$
Year-End Book Value
Depreciation Expense for the Year
Double-Declining Balance Method
Equipment		$4,140,000		$4,140,000
Less: Accumulated Depreciation		$		$
Year-End Book Value
Depreciation Expense for the Year