8. Lockard Company purchased kard Company purchased machinery on August 1, 2020, for $70,000. The machinery is to have a salvage value of $7,000 after a useful life of 6 years. What is the 2020 depreciation expense using the double declining balance method (rounded to dollar) a. 7000 b. 7778 c. 8750 d. 9722 9. Hart Corporation owns machinery with a book value of $600,000. It is estimated that the machinery will generate future cash flows of $700,000. The machinery has a fair value of $520,000. Hart should recognize a loss on impairment of a. 80,000 b. 100,000 c. 180,000 d. 0