On 31 December 2015, Glen Industries purchased a fleet of automobiles at a cost of $550000. The cars are to be depreciated by the 200%-declining-balance method over five years with no salvage value. For years 2016 and 2017, compute the depreciation expense for each year and the book value at the end of each year. Round to the nearest dollar 3. Machinery which costs $97.600 and has accumulated depreciation of $82,000 is sold for $18.000 on 15 March 2018. Calculate an amount of gain or loss that will be recognized when the machinery is sold and record this transaction in the general journal Debit Credit Datte Account Titles and Explanation