4: Property Plant & Equipment (6 Marks) Summer Enterprises Ltd. purchased a piece of machinery on May 31, 2020 for $80,000. The estimated useful life is 10 years with a residual value of 8,500. The Company has a December 31 fiscal year end. The machinery produced 150.000 units in 2020 and 325,000 units the following year. Do not use decimals (round to whole numbers) Required: a) Prepare the depreciation expense adjusting journal entry for the December 31, 2020 year end using the straight-line method. Date Calculations Account Debit Credit b) Assume the company now uses the units-of-production method to calculate depreciation expense. Calculate the depreciation expense for the December 31, 2021 year end Depreciation Expense st December 31, 2021= Calculations c) Assume now that the company uses the double declining balance methoc to calculate depreciation Calcuiste the net book value at December 31, 2020 Net book value at December 31, 2020- $