QUESTION 4 A machine was acquired for $ 12,000 and its residual value is $2,000. The machine is estimated to have a useful life of 5 years. Using the straight-line method of depreciation the depreciation expense for year 2 would be? QUESTION 5 On September 15, Sports World borrowed $50,000 cash from First Bank on a 12%, 120-day note payable. What is the total amount that Sports World would pay to the bank on the maturity date of the loan is ? (rounded to the nearest dollar)