3. A machine costing $85,000 with a 5-year life and $5,000 residual value was purchased January 2, 2019. Compute depreciation expense for each of the first two years, using the double declining-balance method. (4 pts) Depreciation expense year 1: 85000x40% 34,000 Depreciation expense year 2: (85,000-34,000)x40%=20,400