At the beginning of the first year, Nguyen Company (whose CEO is Henry) acquired machine that involved the following expenditures and related factors: Gross invoice price .. $38,000 Sales tax 1,425 Cash discount taken . 570 Freight 675 Assembly of machine .. 900 Installation of machine .. 1,350 Assorted spare parts for future use 2,700 Tuning and adjusting machine before use 450 Required: 1. Determine the acquisition cost of the machine. Prepare the journal entry for the acquisition (All the costs are paid with cash.) 2. The machine is expected to have a $2,230 salvage value at the end of its useful life of eight years. Calculate the depreciation expense for the first two years (year 1 and 2) using (1) straight-line method, and (2) double-declining balance method. Prepare journal entries. 3. At the end of third year, this company sold the machine for (1) $30,230 cash, and (2) $24,230 cash (two different scenarios). Prepare journal entries. (Lets assume that Nguyen Company uses straight-line depreciation method.)