Windward Inc. purchases machinery to use in its factory. The company pays $504,000 for the machinery which is expected to have a 6-year life and a $105,000 salvage value. The company uses double declining balance for the machinery. What journal entry should the company make on December 31 of the first year to record depreciation on the equipment? What effect does this entry have on the accounting equation? What journal entry should the company make on December 31 of the second year to record depreciation on the equipment? What effect does this entry have on the accounting equation