2. Vaughn Assembly Company purchased a machine on January 1, 2021, by paying cash of $550,000. The machine has an estimated useful life of five years (or the production of 160,000 units) and an estimated residual value of $50,000. Required: a. Determine depreciation expense for 2021 under straight-line depreciation. b. Determine depreciation expense for 2022 (year 2) under the double declining balance method. c. Prepare the journal entry to record the depreciation expense you calculated in part b. d. If the machine was used to produce and sell 25,000 units in 2021, what would the depreciation expense be in 2021 under the units of production method?