3. On September 30 of the current year, a company acquired and placed in service a machine at a cost of $700,000. It has been estimated that the machine has a service life of five years and a salvage value of $40,000. Using the double-declining- balance method of depreciation, prepare a schedule showing depreciation amounts for the current year and the next 4 years (round answers to the nearest dollar). The company closes its books on December 31 of each year. Depreciation for the Period End of Period Year Beginning of Depreciation Depreciation Accumulated Book Value Period Book Rate Expense Depreciation Value 1 2 3 4 5 6