Please show work

Extra Credit (1 point) 1. Elise and Joe purchased a new combine for $56,000. Assume a 7 year useful life and no salvage value. Calculate the depreciation for each year of the useful life using a. straight-line method b. double declining-balance method c. sum-of-the-years-digits method d. MACRS (assume 7 year property and midyear convention) The answers are below, except for the Double Declining Balance, its wrong correct it. Show your work. Straight- Line Double Declining- Balance Sum-of- the-Years- Digits MACR S Year 1 $8,000 $11,20 0 $14,00 0 $5,99 8 Year 2 8,000 12,800 12,000 10,71 3 Year 3 9,143 10,000 8,417 8,000 8,000 Year 4 6,531 8,000 6,860 Year 5 8,000 4,665 6,000 6,860 Year 6 3,332 8,000 8,000 4,000 2,000 Year 7 8,329 6,860 6,860 3,432 Year 8