Declining-balance depreciation and net book value before

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Declining-balance depreciation and Net Book Value before disposal.

Millco Inc acquired a machine that cost 240,000 early in 2009. The machine is expected to last for 8 yrs, and its estimated salvage value at the end of its life is 24,000.
a)Using straight line depreciation, calculate the depreciation expense to be recognized in the 1^st yr of the machine's life and calculate the accumulated depreciation after the 5^th yr of the machine's life.

b)Using declining-balance depreciation at twice the straight-line rate, calculate the depreciation expense for the 3^rd year of the machine's life.

c)What will be the net book value of the machine at the end of its 8^th yr of use before it is disposed of, under each depreciation method?

Reference no: EM13355744

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