Question 2 Green Company purchased, on 1 January (Year 1), a machine producing labels. The machine cost 80,000 and was estimated to have a five-year life with a residual value of 6,220. Required: a) Prepare a table of depreciation charges and net book values over the five-year life using the straight-line method to calculate the depreciation charge for each year. (15 Marks) b) Prepare a table of depreciation charges and net book values over the five-year life using the reducing-balance method at the rate of 40 per cent per year to calculate the depreciation charge for each year. (15 Marks)