3) On January 2, 2013. Cohen Incorporated purchased machinery that cost $150,000 with a residual value of $15,000. The expected useful life of the machinery is 8 years and 20,000 units. It is expected to produce 2,000 units in year 1; 2,500 units in year 2; 3,000 units in year 3: 2,500 units in year 4; 2,500 units in year 5; 4,000 units in year 6: 2,500 units in year 7; and 1,000 units in year 8. A Prepare a depreciation schedule for the asset's entire useful life using each of the following methods 1. Straight Line 2. Production (Units of Production) 3. Double Declining Balance B. Assume that the company decided to sell the machinery in year 2 for $85,000 in cash. Prepare the required journal entry assuming the company used each of the following depreciation methods: 1. Straight Line 2. Production (Units of Production) 3. Double Declining Balance