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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

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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, 2017, 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, 2020, the machine is sold for $45,000. Required: 1. Calculate the depreciation expense for each of the first three years using: 21000 per yr 120000-15,000 = 105000 firs yreau. /2603 4:50 5ouooors5. Fen235ecor A toy BV 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

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