Millco Incorporated acquired a machine that cost $$480,000$ early in $2022.$ The machine is expected to last for eight years, and its

estimated salvage value at the end of its life is $$68,000.$

Required:

a$.$ Using straight$-$line depreciation, calculate the depreciation expense to be recognized in the first year of the machine's life and

calculate the accumulated depreciation after the fifth year of the machine's life.

b$.$ Using declining$-$balance depreciation at twice the straight$-$line rate, calculate the depreciation expense for the third year of the

machine's life.

c$.$ What will be the net book value of the machine at the end of its eight year of use before it is disposed of$,$ under each depreciation

method?

Complete this question by entering your answers in the tabs below.

Req $A$ to $B$

a$.$ Using straight$-$line depreciation, calculate the depreciation expense to be recognized in the first year of the machine's life

and calculate the accumulated depreciation after the fifth year of the machine's life.

b$.$ Using declining$-$balance depreciation at twice the straight$-$line rate, calculate the depreciation expense for the third year of

the machine's life.

a$.$ Depreciation expense

$$,51,500$

a$.$ Accumulated depreciation

b$.$ Depreciation expense