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slotkin products purchased a machine for $65,000 on 1 July 2020. The company intends to depreciate it over 8 years using the double-declining balance method.

slotkin products purchased a machine for $65,000 on 1 July 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000.

1. Calculate depreciation expense for 2020.

2. Prepare journal entry to record the sale of the machine 31 December 2021 for $50,000.

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