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Latitude Corporation purchased a machine on March 31, Year 1 at a cost of $80,000. The company uses the double declining balance method of depreciation

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Latitude Corporation purchased a machine on March 31, Year 1 at a cost of $80,000. The company uses the double declining balance method of depreciation and estimates the machine will have a life of 5 years and a $10,000 salvage value. Assume the company sells the machine on December 31, Year 3 for $20,000 If Latitude has a December 31 year end, Calculate the Depreciation Expense, Accumulated Depreciation, and Book value at the end of each of the first 3 years. Round each year's answer to the nearest dollar and show your work for any calculations. Create the journal entry for the sale of the machine at the end of year 3

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