For each of the following INDEPENDENT cases, prepare any journal entry necessary on the underlined date. 1. Peter Limited purchased Machine C on January 1, 2018 for $420,000, estimating its useful life to be 20 years and its residual value to be $20,000. Peter uses the double-diminishing-balance method for depreciation purposes. It is now December 31, 2019 and Peter has not recorded any depreciation expense for the year. 2. Laura Corp. purchased Machine A and Machine B from a vendor on December 31, 2020 for $210,000 and $140,000 respectively. Installation of both machines occurred on December 31, 2020. Laura paid installation costs of $2,000 for Machine A. During installation, accidental damage occurred to Machine B that required repairs costing $5,000. Laura signed a $250,000 note payable to the machine vendor and paid the balance of the purchase price and other expenditures in cash. 3. Starr, Incorporated purchased Machine D on January 1, 2020 for $280,000 (estimated residual value = $12,000). Starr uses the units-of-production method for depreciation purposes and estimates that Machine D has a total capacity of 100,000 units. On September 30, 2020, Starr sold Machine D for $250,000. By this date, Machine D had produced 9,000 units in total. On September 30, Starr had not yet recorded any depreciation expense for the year.