Accounting

Question:

A company purchases a machine for $50,000. The machine is expected to have a useful life of 10 years and a residual value of $5,000 at the end of its life.

Calculate the annual depreciation expense using the straight-line depreciation method.

How would this machine be recorded in the financial statements after 3 years of use?

Bonus: If the company uses the double-declining balance method for depreciation, what would the depreciation expense be for the first year?