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Exercise 5 Port Kembla Steel purchases a machine on 1 July for $60 000. The machine has an estimated useful life of seven years, during which time it is expected to produce 57 400 units Residual value is estimated at $2600. The machine produces 15 500 and 16 200 units in its first and second financial years of operation, respectively. REQUIRED Calculate depreciation expense for the machine's first two years using the straight-line, reducing-balance (double straight-line) and units-of-activity methods of depreciation