Using the sum-of-the-years-digit and double-declining balance depreciation methods, compute the depreciation expense for 2021 and 2022 and the book value of the machine at the end of 2022 for each of the following two independent cases. Please show your work briefly and have your final answers summarized in the tables. Round the final answers in the tables to the nearest dollar when needed.

a. Gold Co. acquired a machine on Jan. 1, 2021, at a cost of 56,000. The machine has an estimated salvage value of $ 3,500 at the end of its 7-year useful life. The depreciation adjustment is done at the end of every calendar year.

Depreciation method		Depreciation expense for 2021	Depreciation expense for 2022	Book value as of Dec. 31, 2022
Sum-of-the-years-digits
Double declining balance

b. Silver Co. acquired a machine on May 1, 2021, at a cost of $56,000. The machine has an estimated salvage value of $ 3,500 at the end of its 7-year useful life. The depreciation adjustment is done at the end of every calendar year.

Depreciation method		Depreciation expense for 2021	Depreciation expense for 2022	Book value as of Dec. 31, 2022
Sum-of-the-years-digits
Double declining balance