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. Your answer is incorrect. Compute 2020 depreciation expense using the double-declining-balance method. ation expense ta $ Compute 2020 depreciation expense using the double-declining-balance method, assuming the machinery was purchased on October 1, 2020. (Round answer to O decimal places, e.g. 5,125.) ation expense $ ta