1.A firm paid $370,000 for a machine with a useful life of 10 years, at which point they expect to sell it for $100,000.Assuming they use time as their allocation basis and use double-declining balance depreciation, how much depreciation will they record in Year 1? After you provide your answer, add a note about how you found it.

2.How much is the depreciation for Year 2? After you provide your answer, add a note about how you found it.