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On January 1, 2020, machinery was purchased for the cost of $85,960. The following information is being used to calculate depreciation: - The machinery is estimated to have a 5-year useful life and a residual value of $5,540 The company's fiscal year end is July 31. The straight-line depreciation method is used to depreciate the asset. 1. Depreciation expense for fiscal year 2020 is: (round to nearest dollar and input answer without comma, e.g. 15000) Depreciation expense for fiscal year 2021 is: (round to nearest dollar and input answer without comma, e.g. 15000): 2. 3. Machinery's carrying amount, as at July 31, 2021 is: (round to nearest dollar and input answer without comma, e.g. 15000): You are an accountant working for Lake Life Company. You are currently working on a bank reconciliation for June 30, 2020. For the items listed below, state how the item would be dealt with in the bank rec. process. Bank charged $25 for service charges Choose... Deduct from cash balance per bank Outstanding checks (checks yet to be deposited by our Add to cash balance per books suppliers) from the current month amounted to $100 Add to cash balance per bank Cheque #390 for $250 was correctly written and paid by the Deduct from cash balance per books bank but incorrectly entered in the general journal for $520. Does not affect the bank reconciliation Deposits made on June 30 that did not appear on the June bank Choose... statement An EFT of $700 was received from a customer in payment for Choose... their amounts owed