Marks 27 of 38 Proctor Papers purchased a machine on January 1, 2020 at a cost of $380,000 with an estimated residual value of $30,000 at the end of its estimated useful life of 8 years on January 1, 2022 Proctor Paper estimates that the machine only has a remaining life of 5 years and a residual value of $20,000 Proctor Paper uses the double declining depreciation method Depreciation expense for 2022 would be Select one: O a. 594.750 b. $85,500 O c. $81,429 Od $79,000 Notes . Unsure 2 Marks 28 of 38 Oceanside Developments owns a piece of land it had purchased in 2019 for $400,000. When they started to develop the land in 2020, they discovered that there were environmental problems with the land. It is now estimated to be worth only $150,000. Which of the following is the correct way to account for this change in value? Select one: a. No accounting is necessary because the land is recorded at its historical cost, not its market value. b. The land account should be written down to $150,000 and an impairement loss recognized. O c. The land should be written off completely because now the company cannot use it for the purpose they intended to d. The land should be depreciated at a new rate to reflect the decline in its value. Notes +