Problem 6-23 (Algo) Depreciation calculation methods-partial year LO 3 Freedom Co. purchased a new machine on July 2, 2019, at a total Installed cost of $42,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. Required: a. Calculate the depreciation expense for each year of the asset's life using 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Required C Calculate the depreciation expense for each year of the asset's life using Double-declining-balance depreciation. Year 1 2 3 Depreciation Expense 4 5 Problem 6-23 (Algo) Depreciation calculation methods-partial year LO 3 Freedom Co. purchased a new machine on July 2, 2019, at a total Installed cost of $42,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. Required: a. Calculate the depreciation expense for each year of the asset's life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Required B Required C How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) Depreciation Expense Straight-line Double-declining-balance es Problem 6-23 (Algo) Depreciation calculation methods-partial year LO 3 Freedom Co. purchased a new machine on July 2, 2019, at a total installed cost of $42,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. Required: a. Calculate the depreciation expense for each year of the asset's life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Co. for its fiscal year ended December 31, 2019, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Complete this question by entering your answers in the tabs below. Required A Required A2 Required B Required C Calculate the accumulated depreciation and net book value of the machine at December 31, 2020, under each method. Straight-line Double-declining-balance Cost Accumulated Depreciation Net Book Value: 42,000 42.000