Question 5) Grimes Corporation purchased machinery on January 1, 2019, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $30,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Instructions: A) Prepare separate depreciation schedules (as shown in class) for the machinery using the straight-line B) Which method would result in the higher reported 2019 income? In the highest total reported income C) Which method would result in the lower reported 2019 income? In the lowest total reported income method, and the double-declining balance method. (Round to the nearest dollar.) over the 4-year period? over the 4-year period