Based on the information provided below, select the appropriate answer for 1. and 2. from the dropdown list provided. Rainbow Inc. has a machine that it purchased for $234,000 on January 1, 2022. Annual depreciation on the machine is estimated to be $45,700. 1. What is the adjusting entry needed at the end of the year, Dec 31, 2022? [Select] 2. What is the book value of the machine reported on Rainbow's balance sheet at the end of the year, Dec 31, 2022? [Select]