On January 1,2015 a tile company purchased a tile cutting machine for $80,000. At that time, the company estimated it had a useful life of 10 years and a residual value of $5,000. On December 31.2020 the company sold the machine to an individual for $12,000. 1. On December 30, 2020, the tile company recorded depreciation for the year. What was the book value of the machine after the depreciation for 2020 was updated? Show your calculations in the space below for full credit: 2. Record the journal entry for the machine sale in the space below. Extra rows are provide so you will not need to fill every row. Problem 3 (13 points) At the beginning of 2019 , a small catering company buys a used truck with 50,000 miles already on it. The company paid $120,000 in cash. It pays an additional $30,000 in cash to add a panels. 10 years and 100,000 miles. The catering company decided to use the straight line depreciation method. 1. Complete the table below: 2. Complete the Journal Entry below