Accounting

Problem 1(24%) On January 1,2015 , Fatima acquired a machine for $1,000,000. The estimated useful life of the asset is 5 years. Residual value at the end of 5 years is estimated to be $50,000. a- Prepare the schedule of depreciation using the straight-line method. b- What is the book value of the machine at the end of 2016 ? c- Suppose that at the end of year 3 (2017) the company revised the total estimated useful life of the machine from 5 years to 7 years, where the estimated salvage value remained the same. Calculate the depreciation expense for 2018