Alvarado Company purchased a new machine for $400,000. It is estimated that the machine will have a $40,000 salvage value at the end of its 5-year useful service life. The double-declining-balance method of depreciation will be used. Prepare a depreciation schedule which shows the annual depreciation expense on the machine for its 5-year life. End of Year Book Value Beginning of Year Annual Depreciation Expense Accumulated Depreciation Book Value End of Year ear 1 $ 2 3 4 5 11,840 Adjusted to $11,840 because ending book value should not be less than expected salvage value