Prince Company purchased new equipment at a cost of $280,000 at the beginning of the fiscal year. The equipment has a useful life of 5 years and an estimated residual value of $20,000. Prepare a schedule showing annual depreciation expense, accumulated depreciation, and book value for each year in the life of this asset using each of the following methods (round to nearest dollar):

A. straight-line depreciation

B. double declining-balanced depreciation

Straight-Line Method
Year	Cost	Depreciation Expense	Accumulated Depreciation	Book Value
Year 1	280,000
Year 2	280,000
Year 3	280,000
Year 4	280,000
Year 5	280,000
Declining-Balance Method
Year	Cost	Depreciation Expense	Accumulated Depreciation	Book Value
Year 1	280,000
Year 2	280,000
Year 3	280,000
Year 4	280,000
Year 5	280,000