5. Springfield Corporation purchases a new machine on March 3, 2024 for $38,600 in cash. It pays an additional $3,400 to transport and set up the machine. Springfield's accountant determines that the equipment has $4,000 residual value and that the useful life is seven years. It is expected to generate 2,400,000 units during its life. Assume Springfield employs the half-year convention. 1. Record the purchase of the machine. 2. Assume that Springfield uses the straight-line method of depreciation. Record depreciation expense for the first two years of the machine's life. 3. Assume that Springfield uses the double-declining balance method of depreciation. Record depreciation expense for the first two years of the machine's life. 4. Assume that Springfield uses the units-of-production method of depreciation. During Year 1, the machine produces 320,000 units. During Year 2, the machine produces 410,000 units. Record depreciation expense for the first two years of the machine's life.

5. Springfield Corporation purchases a new machine on March 3, 2024 for $38,600 in cash. It pays an additional $3,400 to transport and set up the machine. Springfield's accountant determines that the equipment has $4,000 residual value and that the useful life is seven years. It is expected to generate 2,400,000 units during its hfe. Assume Springfield employs the half-year convention. 1. Record the purchase of the machine. 2. Assume that Springfield uses the straight-line method of depreciation. Record depreciation expense for the first two years of the machine's life. 3. Assume that Springfiegd uses the double-declining balance method of depreciation. Record depreciation expense for the first two years of the machine's ife. 4. Assume that Springfield uses the units of-production method of depreciation, During Year 1, the machine produces 320,000 units, During Year 2, the machine produces 410,000 units. Record depreciation expense for the first two years of the machine's life