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The Walt Disney Company purchased equipment for $800,000 cash. The equipment has an estimated useful life of 8 years and a salvage value of $80,000.

The Walt Disney Company purchased equipment for $800,000 cash. The equipment has an estimated useful life of 8 years and a salvage value of $80,000. Calculate the depreciation expense for the first year using the double-declining balance method. Also, determine the carrying amount of the equipment at the end of the first year.

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