On January 1, 2020, ABAC Farms purchased a machine with a cost of $120,000 and a salvage value of $20,000 and a useful life of 10 years. Assuming ABAC Farms uses double declining balance depreciation, what is the first year depreciation for this asset? $20,000$10,000$24,000$6,000 On October 1,2020, ABAC Farms purchased a machine with a cost of $120,000 and a salvage value of $20,000 and a useful life of 10 years. Assuming ABAC Farms uses regular Straight line, what is the depreciation for 2020 ? $2,500$5,000$7,500$10,000 On January 1, 2020 ABAC Farms purchased a machine for $50,000 with a $10,000 salvage value with a 5 year life. The machine is rated to produce 80,000 units over the course of its life. Assuming that the machine was kept for 5 full years and produced 80,000 units. Which method of depreciation will produce the largest amount of depreciation over the machine's life? Straight line Double declining balance Units of production All of the will produce the same amount of depreciation