A piece of machinery was acquired on September 1, 2016, for $150,000. At that time, its estimated useful life was 6 years, with a $30,000 residual value. The company's yearend is December 31. (Show calculations and round depreciation expenses to the closest DOLLAR) 1. Calculate the depreciation expense for each of 2016, 2017, and 2018 using the straight-line method. 2. For 2019 give the necessary journal entry to record the depreciation (using the straight-line method) of this asset up to the May 31, 2019. 3. On May 31, 2019 the company purchased new machinery. The company acquired the new machinery by trading in its old machine, paying $25,000 in cash and agreeing to pay $10,000 in 30 days to the seller of the machine. Give the necessary journal entries to record the trade-in of the old asset and the acquisition of the new one. Assume the company uses the straight-line method of depreciation. 4. What would the journal entries for the above purchase in part 3, if the company had instead used the double-declining depreciation method? You must show all calculations in order to receive marks. No work = no marks