Sheffield Corporation purchased machinery on January 1, 2022, at a cost of $282,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $33,200. 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 Accun Depre 2022 $ 2023 2024 2025 DOUBLE-DECLINING-BALANCE DEPRECIATION Computation Years Book Value Beginning of Year * Depreciation Rate D. = Annual Depreciation Expense Accumulated I 2022 $ 2023 2024 2025 2,050*