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On January 1, 2020, a company purchases machinery for $100,000. The machinery has a salvage value of $8,000. Assume the company uses straight-line depreciation

On January 1, 2020, a company purchases machinery for $100,000. The machinery has a salvage value of $8,000. Assume the company uses straight-line depreciation and the machinery has a 10-year useful life. Compute each of the following: 1. Depreciation expense for 2020. 2. Depreciation expense for 2021 3. Carrying value of the machinery at December 31, 2021.

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