A new machine costs $120,000, has an estimated useful life of five years and an estimated salvage value of $15,000 at the end of that time. It is expected that the machine can produce 210,000 widgets during its useful life. The New Times Company purchases this machine on January 1, 2019, and uses it for exactly three years. During these years the annual production of widgets has been 80,000, 50,000 and 30,000 units, respectively. On January 1 2022, the machine is sold for 45,000.

Required:

1) Calculate the depreciation expense for each of the three years using: a) Straight line b) units of production c) double declining balance

2) prepare the proper journal entry for the sale of the machine under the three different depreciation methods.