Willow Inc. began a business on January 1, 2019. It purchased equipment for its factory on this date for $240,000. The equipment is expected to have an estimated useful life of five years with a residual value of $40,000. Willow's year-end is December 31.

Required: Compute the depreciation for 2019, 2020, 2021, 2022 and 2023 using:

1. The straight-line method

2. The double-declining balance method