Exercise 6-13 Depreciation calculation methods LO 3

Millco, Inc., acquired a machine that cost $592,000 early in 2016. The machine is expected to last for eighth years, and its estimated salvage value at the end of its life is $79,000.

B. Using declining-balance depreciation at twice the straight-line rate, calculate the depreciation expense for the third year of the machine's life

C. What will be the net book value of the machine at the end of its eighth year of use before it is disposed of, under each depreciation method?