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Question 2 4.95/ Blue Corporation purchased machinery on January 1,2017, at a cost of $ 320,000. The estimated usefu ife of the machinery is 4 years, with an estimated salvage value at the end of that period of $ 28,000. The company is considering different depreciation methods that could be used for financial reporting purposes. Your answer is partially correct. 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 End of Year Accumulated Depreciation eciation Rate Annual Depreciation Expense Book Value 25 | 96 25 % 25 96 73,000 $ 73,000 247,000 174,000 101 73,000 146,000 219,000 292,000 73,000 73,000 28,000 292,000 DOUBLE-DECLINING-BALANCE DEPRECIATION End of Year tion Rate Annual Depreciation Expense Accumulated Depreciation Book Value = 160,000$ 240,000 280,000 292,000 50% 160,000$ 80,000 40,000 160,000 50 % 40,000 12,000 292,000 preciation expense for 2020 under Double declining-balance is adjusted so that ending book value is equal to ge value. Textbook and Media