PQ Co. purchased a new plant asset on July 1, 2019, at a cost of $800,000. It was estimated to have a service life of 5 years and a residual value of $50,000. PQs accounting period is the calendar year.

1. Compute the depreciation expense for this asset for 2019 and 2020 using the sum-of-the-years digits method.
2. Compute the depreciation expense for this asset for 2019 and 2020 using the double-declining-balance method