Answer fast Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $46,000. The machine has an estimated lifeof five years and an estimated salvage value of $6,700.Required:a. Calculate the depreciation expense for each year of the asset's life using:1. Straight-line depreciation.2. Double-declining-balance depreciation.b. How much depreciation expense should be recorded by Freedom Company for its fiscal year ended December 31, 2022, undereach method? (Note: The machine will have been used for one-half of its first year of life.)c. Calculate the accumulated depreciation and net book value of the machine at December 31, 2023, under each method.Complete this question by entering your answers in the tabs below.Required A1 Required A2Required BCalculate the depreciation expense for each year of the asset's life using Double-declining-balance depreciation.DepreciationExpenseYear 1Year 2Year 3Year 4Year 5$$$SS$Answer is complete but not entirely correct.18,400.11,0406,6243,9740Required C

Name: Answer fast Freedom Company purchased a new machine on July 2, 2022, a
Uploaded: 2024-03-05T11:50:36.000Z
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Description: Answer fast Freedom Company purchased a new machine on July 2, 2022, at a total installed cost of $46,000. The machine has an estimated lifeof five years and an estimated salvage value of $6,700.Required:a. Calculate the depreciation expense for each