X Company has one employee who earns $50 per day and is paid every Friday. Assume December 31, 2020 is a Wednesday. Give the adjusting entry on December 31, 2020 and the entry to record the payment of the salary on January 2, 2021 (ignore payroll taxes). 12/31/20 On January 1, 2020, X Company purchases a new machine for $5,500. The machine will last for five years after which X expects to receive $500 as a salvage on a newer model. Give the adjusting entry to record depreciation expense on the machine for 2020.