Exercise 6 A company purchased a machine in January of the current year for 220,000. The machine's life is estimated at 5 years, with a salvage value of 20,000. Required: Calculate the annual depreciation expense for all years of machine's life - use straight line and double-declining balance methods Required 2: Assume that the cost was paid with a note payable due in a year with face value of 250,000 (interest included in face value) and re-calculate depreciation using both methods