Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of 108,000. The machine's estimated useful life at the time of the purchase was five years, and its value was $8,000. The company reports on a calendar year basis. Chapter 9 Plant and Intangible Assets Instructions under each of th a. Prepare a complete depreciation schedule, beginning with the current year, under following methods listed (assume that the half-year convention is used). 1. Straight-line. 2. 200 percent declining-balance. 3. 150 percent declining-balance, switching to straight-line when that maximizes the e b. Which of the three methods computed in part a is most common for financial re poses? Explain. c. Assume that Swanson & Hiller sells the machine on December 31 of the fourth vear $29,000 cash. Compute the resulting gain or loss from this sale under each of the depreciati methods used in part a. Does the gain or loss reported in the company's income statement anv direct cash effects? Explain ha