A firm purchased a new cutting machine at the beginning of Year1 for $50000. The machine has an expected useful life of 10 years and a $5000 residual value. The firm uses the double-declining balance to calculate depreciation.

How much depreciation expense should the firm record for the second year ended 12/31Year2?

What will be the net book value of the equipment after 10 years of depreciation have been recorded?