Lockard Company purchased machinery on January 1, 2020, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years. X Your answer is incorrect. Compute 2020 depreciation expense using the double-declining-balance method. Depreciation expense $ 5000 X Your answer is incorrect. Compute 2020 depreciation expense using the double-declining-balance method, assuming the machinery was purchased on October 1, 2020. (Round answer to 0 decimal places, e.g. 5,125.) Depreciation expense $ 3000