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*Exercise 11-26 Ivanhoe Inc. purchased computer equipment on March 1, 2017, for $38,440. The computer...

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*Exercise 11-26 Ivanhoe Inc. purchased computer equipment on March 1, 2017, for $38,440. The computer equipment has a useful life of 10 years and a salvage value of $1,240. For tax purposes, the MACRS class life is 5 years. Assuming that the company uses the straight-line method for book and tax purposes, what is the depreciation expense reported in (1) the financial statements for 2017 and (2) the tax return for 2017? (Round answer to O decimal places, e.g. 5,125.) (1) Depreciation expense reported in the financial statements for 2017 (2) Depreciation expense the tax return for 2017 Assuming that the company uses the double-declining-balance method for both book and tax purposes, what is the depreciation expense reported in (1) the financial statements for 2017 and (2) the tax return for 2017? (Round answers to O decimal places, e.g. 5,125.) (1) Depreciation expense reported in the financial statements for 2017 (2) Depreciation expense the tax return for 2017

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