For this question, do not round your depreciation rate. However, when necessary, round the depreciation expense to the nearest dollar. Enter all numbers as positive amounts. A firm purchased a new cutting machine at the beginning of Year1 for $30000. The machine has an expected useful life of 4 years and a $2000 residual value. The firm uses the double-declining balance to calculate depreciation.

How much depreciation expense should the firm record for the second year ended 12/31Year2?

What will be the net book value of the equipment after 4 years of depreciation have been recorded?