How do I prepare entry for acquisition of machine, for depreciation under DDB, and for straight-line depreciation assuming a change in estimated life (L.O.1, 3)

Timothy Company acquired and placed into use a heavy factory machine on October1,2017. The machine had an invoice price of $720,000, but the company received a 3% cash discount by paying the bill on the date of acquisition. An employee of Timothy Company hauled the machine down a city street without a permit. As a result, the company had to pay a $3,000 fine. Installation and testing coststotaled $71,600. The machine is estimated to have a $70,000 salvage value and a seven-year useful life. (A fraction should be used for the DDB calculation rather than a percentage.)

a. How do I prepare the journal entry to record the acquisition of the machine.

b.How do I prepare the journal entry to record depreciation for 2017 under the double-declining-balance method.

c.Assuming that Timothy Company used the straight-line depreciation method. At the beginning of 2020, it estimated the machine would last another six years. How do I prepare the journal entry to record depreciation for 2020. The estimated salvage value would not change.