Required information Covey Company purchased a machine on January 1, 2022, by paying cash of $360,000. The machine has an estimated useful life of five years, is expected to produce 1,050,000 units, and has an estimated residual value of $36,000. Required: A. Calculate depreciation expense for each year of the machine's useful life under. Note: Do not round the intermediate calculation. Round your final answer to the nearest whole dollar. 1. Straight-line depreciation method. 2. Double declining-balance method