Questions 1-10 with 10 points each, Questions 11-14, Extra Credit with 5 points each 7. Sleepy Co. purchased a cost of $240,000. Salvage value was estimated at $40,000. The machine is being depreciated over 10 years by the double-declining balance method. For the year ended December 31,2017, what amount should Sleepy Co. report as depreciation expense on its income statement? What amount should the accumulated depreciation be as of December 31, 2017. a machine that was installed and placed in service on January 1, 2015 at