On January 1, 2022, Swifty Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $53,500. Related expenditures also paid in cash included: sales tax $2,600, shipping costs $100, insurance during shipping $120, installation and testing costs $80, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Swifty estimates that the useful life of the machine is 5 years with a $4,200 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. Swifty estimates that the useful life of the machine is 4 years with a $-9,100 salvage value remaining at the end of that time period. (a) Your answer is correct. Prepare the following for Machine A. (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 O for the amounts.) 1. The journal entry to record its purchase on January 1, 2022. 2. The journal entry to record annual depreciation at December 31, 2022. No. Account Titles and Explanation Debit Credit 1. Equipment 56.400 Cash 56,400 2. Depreciation Expense 10,440 Accumulated Depreciation Equipment 10,440 Your answer is partially correct. Calculate the amount of depreciation expense that Swifty should record for Machine Beach year of its useful life under the following assumptions. (Round depreciation cost per unit to 2 decimal places, e.g. 12.25. Round final answers to 0 decimal places, e.g. 2,125.) (1) Swifty uses the straight-line method of depreciation. (2) Swifty uses the declining-balance method. The rate used is twice the straight-line rate. (3) Swifty uses the units-of-activity method and estimates that the useful life of the machine is 152,500 units. Actual usage is as follows: 2022, 52,500 units; 2023, 42,000 units; 2024, 31,500 units; and 2025, 26,500 units. Depreciation Expense 2022 2023 2024 Straight- line method $ 137,275 $ 94,550 $ 51,825 $ Declining- balance method $ 90,000 $ 45,000 $ 22,500 $ Units-of- activity method $ 58,834 $ 47,068 $ 35,301 $