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Problem #2 A machine, which cost $400,000, is acquired on October 1, 2020. Its estimated salvage value is $30,000 and its expected life is 8

Problem #2

A machine, which cost $400,000, is acquired on October 1, 2020. Its estimated salvage value is $30,000 and its expected life is 8 years.

Instructions

Calculate depreciation expense for 2020 and 2021 by each of the following methods, showing the figures used. SHOW ALL WORK!

(a) Double-declining balance

(b) Straight-Line

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