1. Maple Company's wood pressing machine was purchased for $23 million on January 1, 20x1.It needed to be tested upon installation, which cost an additional $1 million. The salvage value is estimated at $4 million, and the machine has a service life of five years. Maple has a December 31 fiscal year-end. a. What is the depreciation expense for year four year 20X4) under the double declining balance method? (1 point) Yr 1 dep rate 1/5 20% : Vs - 2 COSTO as 24 salvage val: 4 3 4 doubu dec 4070 useful life s b. Assume the same facts as above. Maple uses double declining balance initially, but at 1/1/20x4 Maple decides straight line depreciation would be more appropriate. At that time, Maple also changes the estimated useful life to a total of six years (three years remaining) and a salvage value of $2 million. What is the depreciation expense for 20x4? (1 point) C Assume the same purchase information as above, but Maple instead uses sum-of-the- years'-digits to depreciate this machine from the time of purchase. Maple decides to sell the machine at the end of 20x3 and receives cash proceeds from the sale of $7,000,000. What is the journal entry to record the sale? (1 point) 1. Maple Company's wood pressing machine was purchased for $23 million on January 1, 20x1.It needed to be tested upon installation, which cost an additional $1 million. The salvage value is estimated at $4 million, and the machine has a service life of five years. Maple has a December 31 fiscal year-end. a. What is the depreciation expense for year four year 20X4) under the double declining balance method? (1 point) Yr 1 dep rate 1/5 20% : Vs - 2 COSTO as 24 salvage val: 4 3 4 doubu dec 4070 useful life s b. Assume the same facts as above. Maple uses double declining balance initially, but at 1/1/20x4 Maple decides straight line depreciation would be more appropriate. At that time, Maple also changes the estimated useful life to a total of six years (three years remaining) and a salvage value of $2 million. What is the depreciation expense for 20x4? (1 point) C Assume the same purchase information as above, but Maple instead uses sum-of-the- years'-digits to depreciate this machine from the time of purchase. Maple decides to sell the machine at the end of 20x3 and receives cash proceeds from the sale of $7,000,000. What is the journal entry to record the sale? (1 point)