Sarasota Corporation purchased machinery on January 1, 2022, at a cost of $280,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Prepare separate depreciation schedules for the machinery using the straight-line method, and the declining-balance method using double the straight-line rate. STRAIGHT-LINE DEPRECIATION Computation Years Depreciable Cost x Depreciation Rate = Annual Depreciation Expense End of Year Accumulated Depreciation Book Value 2022 2023 2024 2025 DOUBLE-DECLINING-BALANCE DEPRECIATION Computation Book Value Beginning of Year x Depreciation Rate = Annual Depreciation Expense Years End of Year Accumulated Depreciation Book Value 2022 2023 2024 2025 2,000 * Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value. Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value. LINK TO TEXT Which method would result in the higher reported 2022 income? In the highest total reported income over the 4-year period? LINK TO TEXT Which method would result in the lower reported 2022 income? In the lowest total reported income over the 4-year period