On January 1 2019, Kingbird Company purchased the following two machines for use in its production process Machine A:The cash price of this machine was $40,000. Related expenditures indluded: sales tax $2,250, shipping costs $100, insurance during shipping $70, installation and testing costs $100, and $100 of oill and lubricants to be used with the machinery during its first year of operations Machine B: The recorded cost of this machine was $180,000, Kingbird estimates that the useful life of the machine is 4 years with a $10.250 salvage value remaining at the end of that time period Kingbird estimates that the useful life of the machine is 5 years with a $4,400 salvage value remaining at theend of that time period. Assume that the straight-line method of depreciation is used (al Your answer is correct Prepare the following for Machine A (Round answers to 0 decimal places, e enter 0 for the amounts 2.125. Credit account titles are automatically indented when amount is entered. Do not indent manually. no entry is required, select No Entry for the account titles and 1. The journal entry to record its purchase on January 1-2019. The journal entry to record annual depreciation at December 31, 2019 2. No. Account Titles and Explanation Debit Credit Cash 42520 2. Depreciation Expense 624 eTextbook and Media List of Accounts Attempts: 1 of 3 used Calculate the amount of depreciation expense that Ki bird should record for Machine B each year of its useful life under the following assur Round depreciation cost per unit to 2 decinal places, e 12.25. Round al answers to 0 deci al places, eg. 2,125 ons (1) Kingbird uses the straight-line method of depreciation 2) Kingbird uses the declining-balance method. The rate used is twice the straight-line rate 3) Kingbird uses theunits of activitymethod and estimates that the seful lifeofthe machine's 168750 ts. Actual usageisas follows: 2019, 60500 unit2020, 47,000 nits: 2021. 33,500 units 2022 27750 ts. 2019 2020 2021 2022 Straight-line method Declining-balance method Units-of-activity method