Tesla Manufacturers buys machinery of $380,000 with salvage value of $30,000 and useful life of Seven years. The company adopts double decline reducing balance method of depreciation Tesla uses the machine for 5 years and disposed of at price at $96,000 Requirement: 1. Calculate the Depreciation Rate and Depreciation expense for each year, 2 Write the journal entry for the sale of asset in given table A B 1 Double Declining Depreciation Rate = Depreciation Table Year Depreciation Expense 1 2 3 4 5 Journal Entry for Sale of Asset Particular Dr. Cr