Problem $6-26($Algo$)$ Partial$-$year depreciation calculations$$straight$-$line and double$-$declining$-$balance methods LO $6-3$

Porter Incorporated acquired a machine that cost $$365,000$ on October $1,2022.$ The machine is expected to have a four$-$year useful life and an estimated salvage value of $$36,000$ at the end of its life. Porter uses the calendar year for financial reporting. Depreciation expense for one$-$fourth of a year was recorded in $2022.$

Required:

Using the straight$-$line depreciation method, calculate the depreciation expense to be recognized in the income statement for the year ended December $31,2024,$ and the balance of the Accumulated Depreciation account as of December $31,2024.($Note: This is the third calendar year in which the asset has been used.$)$

Using the double$-$declining$-$balance depreciation method, calculate the depreciation expense for the year ended December $31,2024,$ and the net book value of the machine at that date.