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Miller Incorporated acquired a machine that cost $362,000 on October 1,2022. The machine will have...

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Accounting

Miller Incorporated acquired a machine that cost $362,000 on October 1,2022. The machine will have a four-year useful
life and an estimated salvage value of $40,000 at the end of its life. Porter uses the calendar year for financial reporting. Depreciation
expense for one-fourth of a year was recorded in 2022.
Required:
a. Using the straight-line depreciation method, calculate the depreciation expense to be recognized in the income statement for the
year ended December 31,2024, and the balance of the Accumulated Depreciation account as of December 31,2024.(Note: This is
the third calendar year in which the asset has been used.)
b. Using the double-declining-balance depreciation method, calculate the depreciation expense for the year ended December 31,
2024, and the net book value of the machine at that date.
Note: Round intermediate calculations.
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