Equipment costing \($640,000\), with an expected useful life of twelve years and an expected salvage value of \($20,000\), was purchased at the beginning of the year. Calculate the depreciation expense for the first five years using

(a) the sum-of-the-years’ digits method and

(b) the doubledeclining-balance method. Which method would you prefer to use for (a) income tax purposes and (b) financial reporting purposes? Why?