On June 1, 2021, tesla company purchased a machine for use in its production process. information concerning the machine is summarized as follows. Tesla's reporting period is from January 1 to December 31.

Cost $210,000

Salvage value $20,000

Useful life in years 5

Required:

a) prepare a depreciation schedule under the declining balance method. The company uses the double declining rate.

b) Straight-line method

i) calculate the amount of accumulated depreciation at december 31, 2022

ii) suppose the machine was sold for $150,000 on january 1, 2023. Prepare the journal entry for the sale of the machine.

iii) In 2023, the company determined that the total estimated life should be 8 years with a salvage value of $10,000. Calculate the depreciation expense for 2023.