Round Corp has recorded straight-line depreciation on a machine for 5 years that it purchased 5 years ago for $215,000. The expected salvage value of the machine is $15,000 at the end of its estimated useful life of 10 years. The tax rate for Round Corp is 30% 1. Compute the annual depreciation expense under the straight-line depreciation method. 2. Compute the current cumulative depreciation expenses of the machine. 3. Compute the current net book-value of the machine. 4. Round Corp decides to dispose the machine at the end of 8th year. Compute the tax credit/loss from the sale of the machine if the sales price is: i. $65,000: $45,000: ii. Round Corp. uses the FIFO method of accounting for inventory. The company reported a LIFO reserve of $24 million at the beginning of the 2016 fiscal year and a LIFO reserve of $34 million at the end of the 2016 fiscal year. Cost of goods sold reported on the 2016 income statement was $1,839 million. What would the company have reported for cost of goods sold had they used LIFO to account for inventory costs