On January 1,20X5, a company purchased a new machine for $130,000. They expected to use the machine for 5 years, down to a residue of $6,500. i) Prepare the journal entry necessary to record the purchase of the machine. ii) What is the book value of the machine on December 31,206 if the company uses the straight-line method of depreciation? iii) If the company uses the double declining balance method of depreciation, what is the depreciation expense for 206 ? iv) The company uses the straight-line method of depreciation and sells the machine for \$30,00o at the end of 4 years. State the journal entries to record the sale. v) Assume the company uses the straight-line method of depreciation. After recording two full years of depreciation, they decide that the machine will last a total of 6 years, rather than 5. Residual value at the end of 6 years will be $8,000. What is the 20X7 depreciation expense