IV. Plant Assets Accounting (18 points) PSH Co. purchased a new machine on October 1, 2020, at a cost of $120,000. The company estimated that the machine will have a salvage value of $8,000. The machine is expected to have 4-year life (service life). Compute the depreciation expense and book value of the machine under the following methods for the year indicated. 1. Straight-line for 2020, 2021 (10 points) (1) Depreciation expense (2020) Ans) $ (2) Book value of machine (2020) Ans) Machine $ Accumulated depreciation Book value of machine $ (3) Depreciation expense (2021) Ans) $ (4) Book value of machine (2021) Ans) Machine $ Accumulated depreciation ( Book value of machine $ 2. Declining-balance using double the straight-line rate for 2020 and 2021. (8 points) (1) Depreciation rate Ans) % (2) Depreciation expense (2020) Ans) $ (3) Book value of machine (2020) Ans) Machine $ Accumulated depreciation Book value of machine $ (4) Depreciation expense (2021) Ans) $