KMT Ltd. has a machine costing $625,000 with the estimated useful life of 8 years and an estimated residual value of $25,000, KMT uses the straight-line method to depreciate its capital assets. The ledger shows a balance of $281,250 in the accumulated depreciation on December 31, 2021. The following transactions are related to the machine: 2022: March 1 KMT paid $8,500 to repair a broken part in the machine. April 2 KMT paid $75,000 to replace the motor, as a result, the useful life of the machine has been extended for 2 more years. 2023: July 2 KMT sold the machine for $300,000 Required: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. What is the age of the machine on December 31, 2021? Identify the type of expenditure for the transaction on March 1 and April 2, 2022. The Age of the Machine Expenditure: March 1 Expenditure: April 2 Years