On January 1, 2021 Advantage Co. purchased a new machine for $4,500. The machine has a useful life of 5 years, and a residual value of $500. It is estimated that the machine will produce 4,000 units over its lifetime (1,500 units in 2021; 1,000 units in 2022; 500 units each remaining year). Advantage closes its books once a year, on December 31st

If Advantage uses the Double-Declining-Balance Method of depreciation, what journal entry would Advantage record on December 31, 2021 in relation to depreciation of this machine?

If Advantage uses the Double-Declining-Balance Method of depreciation, what journal entry would Advantage record on December 31, 2022 in relation to depreciation of this machine?

If Advantage uses the Double-Declining-Balance Method of depreciation, how much depreciation expense will Advantage recognize on its 2021 Income Statement in relation to this machine?