5) On 1 January 20X1, Company incurred the following costs to purchase and operate a machine (salvage value = $60,000). Price of machine $200,000 Sales tax 12,000 Transportation costs (from Philadelphia) 8,000 Insurance costs during transportation 2,000 Installation costs 17,000 Testing costs before machine placed in service 1,000 Assume the machine's useful life is 10 years or 360,000 units of output. Also assume the machine produced 25,000 units in 20X1. a) Determine the machine's cost. b) Write Company's adjusting entries for 20X1, assuming the method of depreciation is: 1) straight-line, 2) double-declining balance, 3) units-of-production. c) Refer to b) 3). Show the presentation on the balance sheet as of 31 December 20X1