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On April 1, 2021, Parks Co. purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a

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On April 1, 2021, Parks Co. purchased machinery at a cost of $42,000. The machinery is expected to last 10 years and to have a residual value of $6,000. Required: Compute depreciation for 2021 and 2022 and the book value of the machinery at December 31, 2021 and December 31, 2022, assuming double-declining-balance method is used. 2021 2022 Depreciation Book value

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