A new machine costing $1,800,000 cash and estimated to have a $60,000 salvage value was purchased on January 1. The machine is expected to produce 600,000 units of product during its 8-year useful life. Calculate the depreciation expense in the first year under the following independent situations:

1. The company uses the units-of-production method and the machine produces 70,000 units of product during its first year.

2. The company uses the double-declining-balance method.

3. The company uses the straight-line method. Assume the machine in the previous question is sold on January 1 of the following year for $1,400,000. Prepare the proper journal entries for the sale under the three different depreciation methods. (I.e. Your answer should include 3 sets of journal entries as the depreciation method used changes the book value of your asset in each circumstance)