WA Se Fute predmet on January 1, 2018, 129,000. The deal the super is the years or 100.000 sproudtor, and its rele 100 Fotopered the following analysis of two direction methods the icon to view the wy) who becamere in the moon 7end_summary (similar to) Suppose FastShip purchased equipment on January 1, 2018, for $22,000. The expected useful life of the equipment is 10 B Click the icon to view the analysis.) Read the requirements Requirement 1. Suppose the income tax authorities permitted a choice between these two depreciation methods. Which m For tax purposes, FastShip would select the method because it results in the most depreciation the earliest possible time. double-declining-balance straight-line 1. Suppose the income tax authorities permitted a choice between these two depreciation methods. Which method would FastShip select for income tax purposes? Why? ses, Fastship would select the method because results in the most depreciation in the years of the asser's life. This method minimizes income tax payments in the oss ble time years Data Table Requirements Year Method A: Straight-Line Annual Depreciation Accumulated Expense Depreciation Book Value $ 22,000 $ 2,000 $ 2,000 20,000 2,000 4,000 18.000 2.000 6,000 16,000 Method : Double-Declining-Balance Annual Depreciation Accumulated Expense Depreciation Book Value $ 22,000 $ 4.400 $ 4400 17,600 3.520 7.920 14,080 2.816 10,736 11,284 1. Suppose the income tax authorities permitted a choice between these two depreciation methods. Which method would Fast Ship select for income tax purposes? Why? 2. Suppose Fast Ship purchased the equipment described in the table on January 1. 2018, and depreciated the equipment by using the double-declining balance method. On July 1, 2020, FastShip sold the equipment for $25.000 cash Record depreciation for 2020 and the sale of the equipment on July 1, 2020 Start 2018 2019 2020 Print Dono Print Done tect your answer(s) and then click Check Answer Clear All ing