Problem 2 Duke, Inc purchased a new machine on January 1, 2011, at a cost of $570,000 The machine's estimated useful life at the time of the purchase was six years, and its residual value was $75,000 Instructions a Prepare a complete depreciation schedule, beginning with calendar year 2011, under each of the methods listed below 1 Straight line (15 points) 2 200 percent declining balance ( 3 150 percent declining balance 15 pes ) b Assume that Duke, Inc sells the machine on December 31, 2015, for $120,000 cash Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a (5 points) c Record the journal entry for the sale of the asset under all three methods (5 points)

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Problem 2 Duke, Inc  purchased a new machine on January 1, 2011, at a cost of $570,000  The machine's estimated useful life at the time of the purchase was six years, and its residual value was $75,000  Instructions a  Prepare a complete depreciation schedule, beginning with calendar year 2011, under each of the methods listed below  1  Straight line (15 points) 2  200 percent declining balance ( 3  150 percent declining balance 15 pes ) b  Assume that Duke, Inc  sells the machine on December 31, 2015, for $120,000 cash  Compute the resulting gain or loss from this sale under each of the depreciation methods used in part a  (5 points) c  Record the journal entry for the sale of the asset under all three methods  (5 points)

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Question: Problem 2 Duke, Inc. purchased a new machine on January 1, 2011, at a cost of $570,000. The machine's estimated useful life at the time

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