Case Study 1 ACY Limited ("ACY") purchased a specialized machine for its business use for a total price of $3,000,000, paid in cash, on 1 January 2023. The total price included installation fee of $50,000, which enabled the machine to be immediately available ACY's use on 1 January 2023. This is estimated that the machine has a useful life of years with a residual value up to $200,000. Double-declining-balance depreciation method is adopted. On 1 January 2023 , to help finance the acquisition of this machi ACY issued a 5-year zero-interest-bearing note, with a face value of $1,000,000, due on 31 December 2027 . The market rate is 8% for notes with similar risks. Question For the year ended 31 October 2023, how much depreciation expense shall be reported in the Statement of Profit or Loss of ACY? Select one: A. $491,666 B. $500,000 C. $116,668 D. $140,000 Which of the following distinguishes an intangible asset from a property, plant and equipment? Select one: A. Market value B. Lack of physical substance C. Non-monetary item D. Duration of the estimated useful life