LiveReel Media purchased for $588,000 machinery having an estimated useful life of 10 years with an estimated residual value of $56,000. The company’s year-end is December 31. Depreciation is calculated using the half-year rule.

Required
Complete the following schedules:
1. Assuming the purchase was made on January 1, 2023
2. Assuming the purchase was made on April 1, 2023

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A. Double-declining- balance method Machinery................ Less: Accumulated depreciation... Year-end book value............ Depreciation expense for the year..... B. Straight-line method Machinery.... Less: Accumulated depreciation............... Year-end book value............. Depreciation expense for the year...... 2023 2024 2025