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 Straight line with a 1/2 year convention, what is the depreciation for 2020 ? $2,500$5,000$7,500$10,000 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. The machine was rated to produce 200,000 parts over its lifetime. In 2020, the machine produced 5,000 parts; in 2021, it produced 20,000 parts and in 2022, it produced 20,000 parts. Assuming ABAC Farms uses units of production depreciation, what is the balance in the accumulated depreciation account for this asset at the end of 2022 ? $50,000$22,500$25,000$37,500 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 double declining balance depreciation, what is the balance in the accumulated depreciation account for this asset at the end of 2022 ? $50,000$47,040$58,560$42,500