7 of 10 View Policies Show Attempt History < > Current Attempt in Progress Kelly Machines reported the following information about two of its machines as of December 31, 2023. Machine Date Acquired Cost #1 Jan. 1, 2014 $800,000 Useful Life (in years) 20 Salvage Value $40,000 #2 July 1, 2023 120,000 5 5,000 (a) Your answer is correct. Calculate the annual depreciation for each asset using the straight-line method. (b) Annual depreciation $ eTextbook and Media List of Accounts Your answer is correct. Machine 1 38000 $ Machine 2 23000 Calculate the accumulated depreciation and book value of each asset on December 31, 2024. (c) Accumulated depreciation $ Book value eTextbook and Media List of Accounts Machine 1 Machine 2 418000 $ 34500 $ 382000 $ 85500 6.67 / 10 Attempts: 2 of 11 used Attempts: 1 of 11 used If the company determined during 2025 that machine #2 now has a salvage value of $10,000, would you expect the accumulated depreciation as of December 31, 2024, to change? If so, would it likely increase or decrease? eTextbook and Media List of Accounts Save for Later Attempts: 0 of 11 used Submit