help asap

Depreciation Tax Method 5.(25 points) At the beginning of the fist year, G\&.J Company acquired new equipment at a cost of $60.000. The equipment has an estimated life of 5 years and an estimated salvage value of $4,500. a) Determine the annual depreciation (for financial reporting) for each of the 5 years of estimated useful life of the equipment, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by using - the straight-line method and - the double-declining-budance method. b) Determine the annual depreciation for tax purposes, assuming that the equipment falls into the seven-year MACRS property class. c) Assume that the equipment was depreciated under MACRS for a seven-year property class, In the first month of the fourth year, the equipment was traded in for similar equipment priced at $65,000. The trade-in allowance on the old equipment was $10,000, and cash was paid for the balance. What is the cost basis of the new equipment for computing the amount of depreciation for income-tax purposes? (Consider the book value as the real value of the equipment) Method: Your choice. No CFD required