USE THIS FOR THE Problems 6 thru 10 A Machine is purchased on 1/1/XI for $320,000 by the firm Rob & Bill, LLC. Rob & Bill had to put 30% cash down and financed the remainder of the purchase price with a long term note. The Machine has a useful life of 5 years and it also has a salvage value of $25,000. Rob & Bill has a policy of depreciating their assets using the double declining method. Q6. What is the Double Declining Rate of this asset? 07. What is the journal entry needed on 1/1/XI to record the asset acquisition? 08. Record the Depreciation Entry needed on December 31, for Years 1 thru 5. 09. What is the Net Book Value of the asset at the end of each Year (years 1 thru 5) Q10. If the asset was sold on 1/1/X4 for $47,000 cash, what is the journal entry needed to record the sale