Montreal Printing Co. completed the following transactions involving printing equipment: Machine number 366-90 was purchased for cash on May 1, 1998, at an installed cost of $48,600. Its useful life was estimated to be four years with a $5,400 trade-in value. Straight- line amortization was recorded for the machine at the end of 1998, and 1999, and on August 5, 2000, it was traded for machine number 366-91. A trade-in allowance of $27,000 was received and the balance was paid in cash. Machine number 366-91 was purchased on Aug. 5, 2000, at an installed cash price of $36,000 The new machine's life was estimated at five years with a $6,300 trade-in value. Double-declining-balance amortization was recorded on each December 31 of its life. On February 1, 2003, it was sold for $9,000. Machine number 367-11 was purchased on February 1, 2003, at an installed cash price of $53,100. It was estimated that the new machine would produce 75,000 units during its useful life after which it would have a $5,400 trade-in value. Units-of-production amortiza- tion was recorded on the machine for 2003, a period in which it produced 7,500 units of product. Between January 1 and October 3, 2004, the machine produced 11,250 more units. On the latter date, it was sold for $36,000. Required Prepare journal entries to record: 1. The purchase of each machine, 2. The amortization expense recorded on the first December 31 of each machine's life (for units-of-production, round the rate per unit to two decimal places), and 3. The disposal of each machine. Montreal Printing Co. completed the following transactions involving printing equipment: Machine number 366-90 was purchased for cash on May 1, 1998, at an installed cost of $48,600. Its useful life was estimated to be four years with a $5,400 trade-in value. Straight- line amortization was recorded for the machine at the end of 1998, and 1999, and on August 5, 2000, it was traded for machine number 366-91. A trade-in allowance of $27,000 was received and the balance was paid in cash. Machine number 366-91 was purchased on Aug. 5, 2000, at an installed cash price of $36,000 The new machine's life was estimated at five years with a $6,300 trade-in value. Double-declining-balance amortization was recorded on each December 31 of its life. On February 1, 2003, it was sold for $9,000. Machine number 367-11 was purchased on February 1, 2003, at an installed cash price of $53,100. It was estimated that the new machine would produce 75,000 units during its useful life after which it would have a $5,400 trade-in value. Units-of-production amortiza- tion was recorded on the machine for 2003, a period in which it produced 7,500 units of product. Between January 1 and October 3, 2004, the machine produced 11,250 more units. On the latter date, it was sold for $36,000. Required Prepare journal entries to record: 1. The purchase of each machine, 2. The amortization expense recorded on the first December 31 of each machine's life (for units-of-production, round the rate per unit to two decimal places), and 3. The disposal of each machine