Question 5 [15 points] ABC Inc 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 $37,000 annually, after deducting all expenses except depreciation Complete the following schedules assuming each of straight line deprecation 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 brokost parts and depreciated Straight-Line Depreciation 5-Year 2014 2015 2016 2017 2018 Totals Income before depreciation Depreciation expense Net income foss) Double Declining Balance Depreciation 5-Year 2014 2015 2016 2017 2018 Totals Income before depreciation Depreciation expense Netcome oss