Khamsah Company manufactures brake rotors for cars. On July 1,2020 , it purchased a new factory machine for $500,000 that will produce the next generation of brake rotors. It estimates that the new machine will have a 5-year useful life and no salvage value. Khamsah uses straight-line depreciation and has a December 31 fiscal year-end. Instructions: a) Calculate the depreciation on the machine for 2020 and 2021. (2 Marks) b) Show how the machine would be reported on the December 31,2021 balance sheet. ( 2 Marks) c) Khamsah Company determines that the fair market value of the factory machine is $100,000 on December 31,2022 . Prepare the journal entry to record an impairment (if any) on this date. (2 marks)