Please write out work and formulas (not just excel sheets)

3. Depreciation (20 points) A machine purchased for $10,000 has a depreciable life of 5 years, at which point its salvage value will be $2,000. Determine the annual depreciation for each of the five years of estimated useful life of the equipment and the book value of the equipment at the end of each year by using the three following methods: (a) Straight-Line depreciation method (4 points) (b) Double-declining balance depreciation method (6 points) (c) Now assume that the salvage value is $0. Use double-declining balance method then switching to the straight-line method. Please note which depreciation method you are using in each period. (10 points)