Check my work mode : This shows what is correct or incorrect for the work you have comple 20 points Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $41,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. Required: a. Calculate the depreciation expense for each year of the asset's /ife using: 1. Straightline depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Company for its fiscal year ended December 31, 2022, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Al Required A2 Required B Required C Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method. Straight-line $s 41000 |s 10,250 @ 5 30,710 @ Double-declining-balance 41,000 21,320 @ 19.680 @ 20 points Check my work mode : This shows what is correct or incorrect for the work you have comple Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $41,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. Required: a. Calculate the depreciation expense for each year of the asset's /ife using: 1. Straightline depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Company for its fiscal year ended December 31, 2022, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Al Required A2 Required B Required C How much depreciation expense should be recorded by Freedom Company for its fiscal year ended December 31, 2022, under each method? (Note: The machine will have been used for one-half of its first year of life.) Straight-line -A 3,430@ Double-declining-balance S 8,200 @ Check my work mode : This shows what is correct or incorrect for the work you have comple Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $41,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. 20 Required: points a. Calculate the depreciation expense for each year of the asset's life using: 1. Straight-line depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Company for its fiscal year ended December 31, 2022, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method. 20 points Check my work mode : This shows what is correct or incorrect for the work you have comple Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $41,000. The machine has an estimated life of five years and an estimated salvage value of $6,700. Required: a. Calculate the depreciation expense for each year of the asset's /ife using: 1. Straightline depreciation. 2. Double-declining-balance depreciation. b. How much depreciation expense should be recorded by Freedom Company for its fiscal year ended December 31, 2022, under each method? (Note: The machine will have been used for one-half of its first year of life.) c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Al Required A2 Required B Required C Calculate the depreciation expense for each year of the asset's /ife using Straight-line depreciation. 6,860 @ 6,360 @ 6,860 @ 6,860 @ Year 3 Year 4 Required A2 >