On October 1, 2008, Dole Company places a new asset into service. The cost of the asset is $60,000 with an estimated 5 year life and $15,000 salvage value at the end of its useful life. What is:

a) the depreciation expense for 2008 if Dole Company uses the straight-line method of depreciation?

b) the book value of the plant asset on the December 31, 2008 balance sheet assuming that Dole Company uses the double-declining-balance method of depreciation?