Problem 6 (12 points) Wright Manufacturing Company purchased a machine on January 1, 2017, by paying cash of $550,000. In addition, there were installation costs of $18,000 and calibration costs of $32,000. The machine has an estimated useful life of five years and has an estimated residual value of $100,000. Requirements: Calculate determine depreciation expense (to the nearest dollar) for each of the five years of the machine's useful life under (1) straight-line depreciation; and (2) the 200% (2X) declining balance method. Do not worry about trivial rounding differences. Depreciation expense: Year Straight-Line 1 200% declining balance 2 3 4 5 Show computations here