Ben Company purchased 2 machines that will be used for the production process on March July 1, 2020. Machine X: The cost of the machines was $ 85,000. Related expenses incl $ 500 shipping and $ 180 shipping insurance. Ben Company estimated machine life was 8 years with a residual value of $ 4,500 at end period. Assume that the straight-line depreciation method is applied. Machine Y: The cost of this machine was $ 78,000. Ben estimates the machine can be used for 5 years with a residual value of $ 6,000 at the end of the period. a. Journalize the following for Machine X: - To record purchases on July 1, 2020 - To record annual depreciation on December 31, 2020. b. Calculate the amount of depreciation expense that Ben must record for Machine Y each years of use with the following assumptions. Ben uses the declining balance depreciation method. Ben uses the method of unit activity depreciation and usage estimates this machine is 3,500 units. With the following uses: 2020: 571 units 2021: 605 units 2022: 612 units 2023: 590 units 2024: 604 units 2025: 518 units c. Keep a journal to record purchases from Machine Y and annual depreciation for December 31, 2020 based on previous assumptions. (see point b).