3. T CO Shu Co. bought Machine A for $80,000 on Dec. 2003. The useful life of the machine is five years and the residual value is $20,000. Assume the company calculates the depreciation for the partial year to the nearest full month. Required (19 points) a) Compute the depreciation expense for the machine under following methods for the year indicated: (12 points) (1) The straight-line mgeliod for 2003 and 2004. (2) The double-declining-balance method for 2003 and 2004. (3) The sum of year digit method for 2003 and 2004 b) The company sold the machine on 1 Sept. 2005 for $55,000. Journalize all entries required to update depreciation and record the sales of the machine in 2005, assuming the company uses straight-line depreciation method. (7 points)