Exercise 3 (15 Marks): Part A: On March 31, 2021, SMU Co. purchased a new machine, paying $12,000 in Cash and issuing a 10% two-year note payable for $10,000. The new machinery's estimated useful life is 6 years, with a residual value of $4,000. The Company uses the Double Diminishing Balance depreciation method and closes its books on December 31 each year. Required: i. Provide the journal entry to record the purchase of the new machine. Account Debit Credit Mar. 31, 2021 ii. Record any necessary adjusting journal entries related to this machine. Account Debit Credit Dec. 31, 2021 iii. On March 31, 2026 (5 years after purchase), the Machine was sold for $5,000. Record the necessary journal entries for the disposal in 2026. Account Debit Credit Mar. 31, 2026 iv. Calculate how much the company would have depreciated the asset for if they had been using Straight Line depreciation for the time period that they owned the new machine and then record the journal entry for its derecognition assuming straight line depreciation had been used