All of the following are intangible assets, except franchises. trademarks. land improvements. patents QUESTION 6 On January 1 , Year 1 , a machine with a useful life of 5 years and a residual value of $1,000 was purchased for $20,000. What is the depreciation expense in Year 2 under the double-diminishing-balance method? $4,800 $4,560 $3,200 $3,040 QUESTION 7 On June 1, Year 1, a machine costing $45,000 was acquired. The machine is expected to produce 90,000 units over a 5 -year period, after which it will be scrapped. The machine produced 20,000 units during Year 1. The company's fiscal year end is December 31. Which statement is true? Using the units-of production method, depreciation expense for Year 1 is $5,000. Using the units-of production method, depreciation expense for Year 1 is $10,000. Using the units-of production method, depreciation expense for Year 1 is $5,833. Using the straight-line method, depreciation expense for Year 1 is $4,500