Question: Depreciation by two years using the straight-line method A machinery acquired at the beginning of the fiscal year at a cost of $150,000 has an

Depreciation by two years using the straight-line method A machinery acquired at the beginning of the fiscal year at a cost of $150,000 has an estimated residual value of $20,000 and an estimated useful life of 5 years. Determine the following: A. Determine the amount of annual depreciation by the straight-line method for the first and second year. B. Determine the amount of annual depreciation by straight-line method rate for the first year. C. Prepare the journal entry necessary for recording the first year depreciation. D. Assuming the machinery was acquired in July 1, 2022, determine the depreciation for 2022.

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