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The value of a machine was $400,000 when purchased new one year ago. It has an expected life of five years and the income statement

The value of a machine was $400,000 when purchased new one year ago. It has an expected life of five years and the income statement shows the straight line depreciation rate as 20%.

Using double declining balance depreciation, what is the value of the machine at the end of year two?

$96,000
$160,000
$240,000
$144,000

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