The Oakdale Country Club has purchased new merchandise display racks for the Pro Shop at a cost of $5,000. The life of the racks is five years with a $500 salvage value. Required: Compute the annual depreciation for each year and the total depreciation over the life of the racks for both the straight-line method and the double declining balance method. Straight-line method Straight-line method - Annual depreciation for each year $ Straight-line method- the total depreciation over the life of the racks $ Double declining balance method Double declining balance method - Annual depreciation for year 1 $ Double declining balance method - Annual depreciation for year 2 $ Double declining balance method - Annual depreciation for year 3 $ Double declining balance method - Annual depreciation for year 4 $ Double declining balance method - Annual depreciation for year 5 $ Double declining balance method- the total depreciation over the life of the racks $