3. A machine was purchased on June 3, 2016 for $57,800. Freight and installation costs for the machine were $3,000. The machine is depreciated using the double declining balance method and had an estimated useful life of 5 years and a $1,800 salvage value. On August 1, 2017 the machine was sold for $42,000. Prepare the general journal entries to record the acquisition of the machine, depreciation expense on December 31, 2016 and the required general journal entries on August 1, 2017. Date Account Debit Credit Year Rate Book Value Depreciation Expense Accumulated Depreciation Calculation Original Cost