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A business purchased a machine for $750,000. The expected life of the machine is five years and the straight line depreciation rate is 20%. The

A business purchased a machine for $750,000. The expected life of the machine is five years and the straight line depreciation rate is 20%. The machine is expected to have a residual value of $10,000.

Using the double-declining balance method of depreciation, what is the correct book value for the machine at the end of the first year?

$602,000
$590,000
$450,000
$440,000

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