## Answers

Annual Depreciation = (362000-68000)/10 = $29,400

Net Book value on December 31, 2019 = 362000 - 29400*5 = $215,000

Depreciation for 2020 = (215000-68000)/10 = $14,700

Account Titles and Explanation | Debit | Credit |

Depreciation expense | $14,700 | |

Accumulated Depreciation - Machine | $14,700 |

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