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Covey Company purchased a machine on January 1,2022 , by paying cash of $350,000. The...

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Accounting

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Covey Company purchased a machine on January 1,2022 , by paying cash of $350,000. The machine has an estimated useful life of five years, is expected to produce 1,000,000 units, and has an estimated residual value of $35,000. Required: A. Calculate depreciation expense for each year of the machine's useful life under. Note: Do not round the intermediate calculation. Round your final answer to the nearest whole dollar. 1. Straight-line depreciation method. 2. Double declining-balance method. B. What is the book value of the machine after three years using the double declining-balance method? C. What is the book value of the machinery after three years using the straight-line method? D. If the machine was used to produce and sell 120,000 units in 2022 , what would be the depreciation expense using the units-ofproduction method? Note: Do not round the intermediate calculation. Round your final answer to the nearest whole dollar

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