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Martinez Corp. purchased a boardroom table for $17,480. The company planned to keep it for four...

Martinez Corp. purchased a boardroom table for $17,480. The company planned to keep it for four years, after which it was expected to be sold for $940. (a) Calculate the depreciation expense for each of the first three years under the straight-line method and the double-diminishing-balance method, assuming the table was purchased early in the first month of the first year.

(1) Straight-line method:

Year 1 $

Year 2 $

Year 3 $

(2) Double-diminishing-balance method:

Year 1 $ Y

ear 2 $

Year 3 $

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