2. A machine with a useful life of 6 years and a residual Value of $3,000 was purchased at the beginning of year for April 1 in year 4 $30,000. The machine was sold for $15,000 What was the book value of the machine at the end of year 3 assuming the straight-line (a) on method of depreciation is used? Illustrate the effects on the accounts and financial statements of the depreciation from (b) January 1 to Illustrate the effects on the accounts and financial statements of the sale of the machinc April 1 of year 4. (Prepare the journal entry) on (c) April 1. (Prepare the journal entry)