Peanut Company purchased a machine on January 1, 2019, for $100,000 with a $20,000 salvage value...

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Peanut Company purchased a machine on January 1, 2019, for $100,000 with a $20,000 salvage value and an eight-year useful life. The company uses double-declining-balance depreciation. Required: Compute the depreciation expense for 2019 and 2020 Year Depreciation Expense 2019 $ 10,000 X 2020 $ 10,000 X Peanut Company purchased a machine on January 1, 2019, for $100,000 with a $20,000 salvage value and an eight-year useful life. The company uses double-declining-balance depreciation. Required: Compute the depreciation expense for 2019 and 2020 Year Depreciation Expense 2019 $ 10,000 X 2020 $ 10,000 X