A machine was acquired on January 1, 2017, at a cost of $120,000. The machine was originally estimated to have a residual value of $10,000 and an estimated life of 4 years. The machine is expected to produce a total of 100,000 units during its life, distributed as follows, 25,000 in 2017, 30,000 in 2018, 26,000 in 2019, and 19,000 in 2020 Instructions 1. Calculate the amount of depreciation to be charged each year, using each of the following methods. a) Straight-line (2 marks) b) Units-of-production (4 marks) c) Diminishing-balance at twice the straight-line rate (6 marks) 2 Assume that the company uses the straight-line method and that the company sells the machine on September 30, 2019 for $52,000. Prepare the journal entries to: a) Prepare the journal entry to record depreciation from January 1, 2019 to September 30, 2019 (2 marks) b) Prepare the journal entry to record the sale of the machine on September 30, 2019 (4 marks)