(Solved): a. Using straight-line depreciation, calculate the depreciation expense to be recognized in the f ...

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 decining-balance depreciation at twice the straight-line rate, calculate the depreciation expense for the third year o the machine's life. Milico Incorporated acquired a machine that cost $\$544,000$ early in 2022. The machine is expected to last for eight years, and its estlmated salvage value at the end of its life is $\$75,000$ Required: a. Usind straight-fine 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 depreclation method? Complete this question by entering your answers in the tabs below. 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 the machine's life. 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?