9) On Oct 1, Year 1, Reuvein Co purchased a machine that cost $80,000 and was estimated to have a useful life of 8 years and a residual value of $5,000, Management implemented the double-declining balance method of depreciation. In the beginning of Year 3, management recalculated its economic life remaining to be 3 more years and its residual value to be $2,250, and switched its depreciation method to straight-line. Part 1) Prepare a depreciation schedule for its first 3 years of depreciation point) Part 2) On Jan 1, Year 4, the machine had a fair value of $29,250. Test the machine for impairment and prepare a journal entry to record loss from impairment, if necessary, assuming the machine was estimated to generate (a) $32,000 in future cash flows (b) $40,000 in future cash flows. pont) PART 1 - DEPRECIATION SCHEDULE Year Year 1 Year 2 Year 3 PART 2 (a) DEBIT CREDIT (6) DEBIT CREDIT