McGraw Hill Rental Options M Fianance Managm.. Tou Class Search and Problem Set 4: Depreciation Xcel co produces computer chips. They acquired a new industrial production machine for $55,000 on July 1, 2016. The company expects the machine to produce 625,000 computer chips over the next 8 years and will sell for scrap at the end of it's useful life for $1,000. Xcel Co's fiscal year begins on January 1. I The following shows the amount of units the embosser produced every year: 2016 51,000 2018 69,000 2020 79,750 2017 65,000 2019 76,000 2021 88,000 2022 2023 2024 92,500 80,670 20,080 1 Record the journal entry for the purchase of the machine. 2a Calculate straight line depreciation for each year the machine is in use. Show your work. Note: Use tables similar to the chapter 12 demos b Record the Journal Entry for the first and second year of the machine's useful life. 3a Calculate depreciation for the Machine using one alternate method of depreciation (Sum of the years' digits, double declining balance, or units of production). Show your work. Note: Use tables similar to the chapter 12 demos Record the Journal Entry for the first and second year of the machine's useful life. b MacBook Pro