On January 4, 2013, Illinois Company purchased new equipment for $550,000 that had a useful life of four years and a salvage value of $50,000. Prepare a schedule showing the annual depreciation and end-of-year accumulated depreciation for the first three years of the asset's life under (1) the straight-line method, (2) the sum-of-the-year's digits method, and (3) the double-declining-balance method.
