Swifty Corporation purchased machinery on January 1, 2022, at a cost of $294,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $34,400. The company is considering different depreciation methods that could be used for financial reporting purposes.

(a)

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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							End of Year
Years		Depreciable Cost	x	Depreciation Rate		=	Annual Depreciation Expense		Accumulated Depreciation		Book Value
2022		$enter a dollar amount		enter a Depreciation Rate in percentages	%		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
2023		enter a dollar amount		enter a Depreciation Rate in percentages	%		enter a dollar amount		enter a dollar amount		enter a dollar amount
2024		enter a dollar amount		enter a Depreciation Rate in percentages	%		enter a dollar amount		enter a dollar amount		enter a dollar amount
2025		enter a dollar amount		enter a Depreciation Rate in percentages	%		enter a dollar amount		enter a dollar amount		enter a dollar amount
							$enter a total for the Annual Depreciation Expense column in dollars

DOUBLE-DECLINING-BALANCE DEPRECIATION
		Computation							End of Year
Years		Book Value Beginning of Year		Depreciation Rate		=	Annual Depreciation Expense		Accumulated Depreciation		Book Value
2022		$enter a dollar amount		enter a Depreciation Rate in percentages	%		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
2023		enter a dollar amount		enter a Depreciation Rate in percentages	%		enter a dollar amount		enter a dollar amount		enter a dollar amount
2024		enter a dollar amount		enter a Depreciation Rate in percentages	%		enter a dollar amount		enter a dollar amount		enter a dollar amount
2025		enter a dollar amount		enter a Depreciation Rate in percentages	%		2,350	*	enter a dollar amount		enter a dollar amount
							$enter a total for the Annual Depreciation Expense column in dollars

^* Depreciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to salvage value.