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Question - Depreciation: Straight-Line and Double Declining Balance - Irwin Corporation acquired equipment on October 1, 2019 for $160,350. The equipment needed to be mounted to a special platform. Irwin purchased this special platform and had the machine installed by a professional for a total cost of $18,650 . This was also done on October 1, 2019. The machine has an estimated useful life of 5 years. At the end of 5 years, the machine is expected to be sold for $6,000.
Compute the depreciation expense on the machine for 2019 and 2020 under each of the following methods and show all work for each answer:
a) Straight-Line
b) Double Declining -Balance
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