Sanders Construction Co. specializes in building replicas of historic houses. Brett Sanders, )resident of Sanders Construction, is considering the purchase of various items of equipment on Iuly 1, 2014 for $300,000. The equipment would have a useful life of 5 years and no residual lue. Brett is considering depreciating the equipment by the straight-line method or the double balance method. the following questions: 1. 2. Calculate the depreciation for the first year using the straight-line method and the Double declining balance method, show your work. a). Depreciation for the first year using straight line method ; Value of the building Less Residual value Balance Useful life Depreciation per year Depreciation in the first year $300,000 $300,000 5 years $300,000/5 $60,000 b). Depreciation for the first year using double declining balance method In a short paragraph, explain the straight-line depreciation method and the Double