A machine acquired on January 4, 2009, at a cost of $425,000, has an estimated useful life of nine years and an estimated residual value of $65,000. (10 points)

What was the amount of depreciation for the years 2009, 2010, and 2011, using the straight-line method of depreciation?

What was the book value of the machine on January 1, 2012?

Assume that the machine was sold on January 9, 2012, for $290,000 journalize the entry to record the sale

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Assume that the machine had been sold on January 9, for $310,000, journalize the entry to record the sale.

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