Question Six: (5 points) A company purchased a machine on January 1 of the current year...

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Question Six: (5 points) A company purchased a machine on January 1 of the current year for $750,000. Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hours. Required: 1. Calculate the depreciation expense using the straight line and units of production for the 5 years. Year Year 1 S Straight-Line Units-of- Production S Year 2 Year 3 Year 4 Year 5 Total 2. Using the double-declining-balance method of depreciation, prepare a schedule showing depreciation amounts for the current year and the first 3 years (round answers to the nearest dollar). The company closes its books on December 31 of each year. Question Six: (5 points) A company purchased a machine on January 1 of the current year for $750,000. Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hours. Required: 1. Calculate the depreciation expense using the straight line and units of production for the 5 years. Year Year 1 S Straight-Line Units-of- Production S Year 2 Year 3 Year 4 Year 5 Total 2. Using the double-declining-balance method of depreciation, prepare a schedule showing depreciation amounts for the current year and the first 3 years (round answers to the nearest dollar). The company closes its books on December 31 of each year.