Your business purchased an automobile for $20, 000 three years ago. You are selling it today for $14, 000 to buy a new one. The car has been depreciated using the 5 years MACRS property class. The book value of the automobile is $5, 760.00. What is the amount of economic depreciation? Your company purchased a new machine that has a useful life of 5 years. The cost of the equipment was $550, 000 and the salvage value was estimated to be $50, 000 at the end of year 5. Compute the annual depreciation in year three using the Double Declining Balance depreciation method: $118.800 $79.200 $96.000 $90.000