Mini$-$Exercise $6-4($Algo$)$ Depreciation calculation methods LO $6-3$

Gandolfi Construction Company purchased a CAT $336$DL earth mover at a cost of $$525,000$ in January $2022.$ The company's

estimated useful life of this heavy equipment is $10$ years, and the estimated salvage value is $$95,000.$

Required:

a$.$ Using straight$-$line depreciation, calculate the depreciation expense to be recognized for $2022,$ the first year of the equipment's life,

and calculate the equipment's net book value at December $31,2024,$ after the third year of the equipment's life.

b$.$ Using declining$-$balance depreciation at twice the straight$-$line rate, calculate the depreciation expense to be recognized for $2024,$

the third year of the equipment's life.