COMPLETE THE EXCEL TEMPLATE

$($a$)$ Please prepare the depreciation schedules under both the Straight$-$Line and Double Declining Balance methods of depreciation based on the following: Purchased a machine at a cost of $$33,500$ on $1/1/1($first year in business$).$ The machine has an estimated salvage value of $$1,500$ and an $8-$year useful life.

$($B$)$

$1)$ Please provide a side$-$by$-$side analysis of the tax impact for the first year of business using both the Straight$-$line and Double Declining Balance Methods.

$2)$ Please write a paragraph explaining the benefit of using the Double Declining Balance Method as opposed to the Straight$-$line Method.