Question 11 Covey Company purchased a machine on January 1, 2020, by paying cash of $850,000. The machine has an estimated useful life of five years and has an estimated residual value of $50.000, Requirements: Part A Calculate the annual depreciation expense (to the nearest dollar) for the first three years of the machine's useful life under (1) straight line depreciation and (2) the double-declining balance method. Straight-line Double Declining Balance Year 1 S $ 2020 Year 2 S $ 2021 Years s 2022 Part B Calculate the book value of the machine at the end of 2021 using the double declining balance method Part Which method Ostraight line or double declining balance would result in the highest book value at the end of 2022? Explain your answer View Toch