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Question 7 [15 points] United Corporation recently paid $118,000 for machinery with an estimated five year useful life and residual value of $10,000. By using the machinery in its operations for five years, the company expects to earn $45,000 annually, after deducting all expenses except depreciation. Complete the following schedules assuming each of straight-line depreciation and double- declining-balance depreciation. Round all amounts to the nearest dollar. For simplicity, assume the machinery is depreciated as an individual item and will not be broken into its parts and depreciated. Straight-Line Depreciation 5-Year 2014 2015 2016 2017 2018 Totals Income before depreciation Depreciation expense Net income (loss). Double-Declining-Balance Depreciation 5-Year 2014 2015 2016 2017 2018 Totals Income before depreciation Depreciation expense Net income (loss)