3. On January 1, 2019 Baylee Company purchased machinery costing $90,000 cash. The estimated useful life is 6 years and the estimated salvage value is $8,000. Estimated machine hours are 50,000. a. Journalize the purchase b. Determine the depreciation rate per machine hour c. Calculate annual depreciation for year 1 and year 2 if machine hours are 10,000 and 8,000 respectively, d. What is the book value of the asset at the end of year 2? Date Accounts Debit Credit 4. On January 1, 2019 Baylee Company purchased equipment costing $275,000. The estimated useful life of the equipment is 10 years and the estimated salvage value is $15,000. a. Determine the depreciation rate using double declining balance method b. Calculate the first year's depreciation C. What is the book value at the end of the first year? Date Accounts Debit Credit