King Manufacturing Company purchased a machine on January 1, 2016 at a cost of $60,000. The company estimates that the useful life of the machine is 5 years and the salvage value is $5,00O. The company uses the Double Declining Balance Method of depreciation and prepares its financial statements annually at year-end.

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Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.