On January 1, 2022. Concord Company purchased the following two machines for use in its production process. Machine A The cash price of this machine was $ 37,500. Related expenditures also paid in cash included: sales tax $ 2,000, shipping costs $ 150, insurance during shipping $ 110, installation and testing costs $ 120, and $ 100 of oil and lubricants to be used with the machinery during its first year of operations. Concord estimates that the useful life of the machine is 5 years with a $ 4,500 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used The recorded cost of this machine was $ 180,000. Concord estimates that the useful life of the machine is 4 years with a $10,000 salvage value remaining at the end of that time period. Machine B: 1. The journal entry to record its purchase on January 1, 2022. 2. The journal entry to record annual depreciation at December 31, 2022. (1) (2) Concord uses the straight-line method of depreciation. Concord uses the declining-balance method. The rate used is twice the straight-line rate. Concord uses the units-of-activity method and estimates that the useful life of the machine is 141,500 units. Actual usage is as follows: 2022. 49,500 units: 2023, 39.000 units: 2024, 28,500 units: 2025, 24,500 units. (3)