On January 1, 2020. Sheridan Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $47.500. Related expenditures included: sales tax $3.550. shipping costs $200, insurance during shipping $50, installation and testing costs $70, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Sheridan estimates that the useful life of the machine is 5 years with a $5,350 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. Machine B: The recorded cost of this machine was $180,000. Sheridan estimates that the useful life of the machine is 4 years with a $10,100 salvage value remaining at the end of that time period. Prepare the following for Machine A. (Round answers to decimal places, e.g. 2,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) 1. The journal entry to record its purchase on January 1, 2020. 2. The journal entry to record annual depreciation at December 31, 2020 No. Account Titles and Explanation Debit Credit 1. 2. e Textbook and Media List of Accounts Calculate the amount of depreciation expense that Sheridan should record for Machine Beach year of its useful life under the following assumptions. (Round depreciation cost per unit to 2 decimal places, eg, 12.25. Round final answers to decimal places, eg, 2.125. (1) Sheridan uses the straight-ling method of depreciation. (2) Sheridan uses the declining-balance method. The rate used is twice the straight-line rate (3) Sheridan uses the units-of-activity method and estimates that the useful life of the machine is 104.100 units. Actual usage is as follows: 2020, 42.500 units: 2021, 30.500 units: 2022, 18.500 units; 2022, 12.600 units. Depreciation Expense 2020 2021 2022 2023 Straight $ s s S S line method Declining balance method Units-of- activity method s $ S s e Textbook and Media List of Accounts Which method used to calculate depreciation on Machine Breports the highest amount of depreciation pense in year 1 (202012 The highest amount in year 412023)? The highest total amount over the year period? e Textbook and Media