Equipment costing \($290,000,\) with an expected scrap value of \($30,000\) and an estimated useful life of five years, was purchased on January 1, 2016. Calculate the depreciation expense for years 2016 to 2020 using

(a) the straight-line method and

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