For this question, do not round your depreciation rate. however, when necessary, round the depreciation expense to the nearest dollar. enter all numbers as positive amounts. a firm purchased a new cutting machine at the beginning of year1 for $3. the machine has an expected useful life of 8 years and a $5000 residual value. the firm uses the double-declining balance to calculate depreciation how much depreciation expense should the firm record for the second year ended 12/31year2? what will be the net book value of the equipment after 8 years of depreciation have been recorded?