Amachine costing $251,800 was purchased may 1. the machine should be obsolete after three years and, therefore, no longer useful to the company. the estimated salvage value is $3,400. calculate the depreciation expense for each year of its expected useful life using each of the following depreciation methods: (a) straight-line, (b) double-declining balance. for double-declining balance, do not round until your final answer. round your final answers to the nearest dollar.

Instructions are listed below.

Explanation:

Giving the following information:

A machine costing $251,800 was purchased May 1. The machine should be obsolete after three years and, therefore, no longer useful to the company. The estimated salvage value is $3,400.

A) Straight-line:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (251,800 - 3,400)/3= $82,800

B) Double declining balance:

Annual depreciation= 2*[(original cost - residual value)/estimated life (years)]

Year 1= (248,400/3)*2= 165,600

Year 2= 55,200

Year 3= 18,400

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