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1) A company's property records revealed the following information about its plant assets: Machine No. Salvage Purchase Estimated Cost Value Date Life Depreciation Method $42,000

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1) A company's property records revealed the following information about its plant assets: Machine No. Salvage Purchase Estimated Cost Value Date Life Depreciation Method $42,000 $3,0001/18 3 years Straight-line 86,000 8,600 1/18 5 years Double-declining balance 2 a. (20 points) Calculate the depreciation expense for each machine in Year 1 and Year 2 for the year ended December 31. Machine 1: Year 1 Year 2 Machine 2: Year 1 Year 2 b. (20 points) Prepare the journal entries for the above calculations. Machine 1 Year 1 Year 2 Machine 2 Year 1 Year 2

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