Get-In Jeeps Incorporated is in the business of producing fuel efficient all terrain Jeeps. Get-In Jeeps purchases a new robotic assembly machine on March 31, 2012 for $5,550,000; the machine has an estimated useful life of 15 years. In the engine of the robotic assembly machine is a solid gold covering that surrounds the outer mantel of the gear box; this 24 karat gold covering is used because it is soft and has more give than steel. The covering is worth $750,000 and can be resold on the open market.

2) Prepare the appropriate journal entries using the Double-Declining Balance Method to account for the first year of depreciation incurred on Get-It Jeeps assembly machine at December 31, 2012