On April 1, 20-3. Kwik Kopy Printing purchased a copy machine for $50,000. The estimated life of the machine is five years, and it has an estimated salvage value of $5,000. The machine was used until July 1, 20-6. Required: 1 Assume that Kwik kopy uses straight line depreciation and prepare the following entries (a) Adjusting entries for depreciation on December 31 of 203 through 20-5 (b) Adjusting entry for depreciation on June 30, 20-6.just prior to trading in the asset (c) on July 1, 206, the copy machine was traded in for a new copy machine. The market value of the new machine is $38,000 Kwik Kopy must trade in the old copy machine and pay $22,000 for the new machine 2 Assume that Kwik Kopy uses sum of the-years-digits depreciation and prepare the following entries (a) Adjusting entries for depreciation on December 31, 20-3 through 20-5 (b) Adjusting entry for depreciation on June 30, 206, just prior to trading in the asset