1 At the beginning of the year, ABC Company purchased a new machine for $80,000. It is 2 expected to have a five-year life and a $12,000 salage value 4Required: 5 a. Compute the depreciation for each of the five years, assuming that the company uses: 71 1 Straight-line depreciatio Straight-line depreciation 11 2) Double-declining-balance depreciation. Double-Declining: Year 1 Year 3 Year 5 20 b. Prepare the journal entries to record the depreciation expense. If no entry is needed, put "No Entry" on the line (1) Straight-line depreciatio 23 24 General Journal Debit Credit Yr. 1 27 30 (2) Double-declining-balance depreciation. General Journal Debit Credit Yr. 1 37 40