Leslie Co. purchases a specialty table saw for its metal fabrication business on January 1, 2021. The machine cost $350,000 and is expected to be used for five years. At the end of the five years it is expected that the machine can be sold for $15,000.

a) Compute the depreciation expense for the third year (2023) using, straight-line and double-declining-declining balance depreciation methods.

b) Compute the ending book value for the third year (2023) using the above two depreciation methods.

c) Under the straight-line method, if Leslie Co. decides to sell the machine for $145,000 in 2023, please write down the appropriate journal entries to reflect the gains (losses) of this sale.