7. On January 1, 2017, Dumbledore Corporation purchased a parselweaver for $10,000,000 cash. The corporation expects to use the machine for 100,000 hours over the next 5 years. The estimated residual value of the machine at the end of the fifth year is $100,000. The corporation used the machine for 15,000 hours in 2017 and 22,000 hours in 2018. Give the journal entry to record the purchase of the parselweaver for cash on January 1 and the Dec. 31 journal entry for depreciation for 2017 if the company uses the units-of-production method of depreciation. (10 points)