Computing Straight Line and Double Declining-Balance Depreciation On January 2, Reed Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The machine cost $75.000, and its estimated useful life is five years, after which the expected salvage value is $5.000. For both parts cal and (b) below: (1) Compute depreciation expense for each year of the machine's five year useful life under that depreciation method. 2 Use the financial Statements effects template to show the effect of depreciation for the first year only for that method () Straight-line $ 14,000 per year Use negative signs with answers below, when appropriate Balance Sheet Income Statement Cash Ainet Transaction Record first year depreciation Nuncash Assets Assets 114.000 - Liabilities is . Contributed Capital Earned Capital (1400m 0 Revenue ov v 1694.000) Capital Expenses Revenue Expenses income (b) Double-declining Year Degreciation Expense 21 27.000 * TAZOO X 3,628.8 x Use negative signs with answers below. when appropriate Balance Sheet Income Statement Transaction Cash Asset Assets - Liabilities Contributed Capital Revenue Revenue . Expenses Net income E Check You have correctly selected 11 Marks for this sum