SiowNSteady Company and Jackrabbit Company are two firms that are similar in many ways, except that SiowNSteady uses the straight-line method for its depreciable assets, whereas Jackrabbit uses the declining balance method at double the straight-line rate. On January 1, 2017, each firm acquired the followin similar, deoreciable assets: Salva Value Useful Life $320,000 $20,000 $110,000 $10,000 Including the appropriate depreciation charges, annual net income for the firms in 2017, 2018, and 2019, as well as total income over the three years were: 2017 2018 2.019- SiowNSteady $84,000 $88,400 $90,000 $262,400 Jackrabbit $68,000 $76,000 $8 5,000 $229,000 On December 31, 2019, the balance sheets for the two firms are similar, except that Jackrabbit has more cash than SiowNSteady. Your client, Anita Chance, is interested in becoming a major shareholder in one of these two firms, and she has come to you for advice. a) Determine the annual depreciation recorded by each company in 2017, 2018, and 2018, as well as the total depreciation for each firm over the three years. 2017 201.8 2019 SiowNSteady Jackrabbit Computations: b) Assuming that Jackrabbit Company had also used the straight-line method for depreciation, instead of the declining balance method, recalculate its net income for each ear and its total net income over the three ears. Jackrabbit 2017 2018 2019 Beelining'balance $68,000 $76,000 $85,000 $229,000 Net Income Dereciation Net Income Computations: c) What would you tell Ms. Chance about which firm would be the better investment and why you think so