ABC Ltd purchased the following two machines. Due to different nature of these machines, different depreciation methods are applied. Machine Acquired Cost Residual value Useful life Method 1 1 April 2018 $78 000 $3 000 6 years Straight-line 2 1 July 2013 52 000 2 000 25 000 hours Units-of-production The accounting period ends on 31 December. Ignore GST. For the financial year of 2018, actual hours of using Machine 2 was 8 000. Required: 1) Calculate the depreciation expenses of Machine 1 and Machine 2 for the year ended 31 December 2018. (2 Marks) 2) Prepare the journal entry to record depreciation expense on Machine 2 for the year ended 31 December 2018. (1 Mark)