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XYZ Company purchased a machine on January 1, 2022, for $150,000. The machine has an estimated useful life of 5 years and a residual value

XYZ Company purchased a machine on January 1, 2022, for $150,000. The machine has an estimated useful life of 5 years and a residual value of $10,000. Using the double-declining balance method, calculate the depreciation expense for the year 2023 and the carrying value of the machine at the end of 2023.

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