5. The inventory records of the UMN I.T.I Corporation reflected the following information for the month of August: (1) Determine the amount of the ending inventory and cost of goods sold under each of the following methods assuming the periodic inventory system. You must show your calculations to receive credit for this problem. (2) What would be the journal entry for the transaction on 8/11 ? You may assume it was paid for with cash. Write it out in good form. 1/4 point. 7. Computing Book Value (Straight-Line Depreciation). You must show your work to receive full credit. On January 1, 2021, Fleck Inc. purchased a machine with a cash price of $40,000. Fleck Inc. also paid $1,000 for transportation and installation. The expected useful life of the machine is 5 years and the residual value is $5,000. A. What is the journal entry to record the purchase of the machine on January 1st ? B. Assuming straight-line depreciation, the annual depreciation expense is