Question 1

On May 1, 2022, your company purchased a machine for $800,000. It has an estimated salvage value of $80,000 and it is expected to last 8 years. Calculate the deprecation for 2022 using the following methods (rounding to the nearest dollar). Show work.

(a). Straight-line depreciation.

(b). Double-declining balance depreciation.

(c). Sum-of-the-years'-digits depreciation.