On January $2,2021,$ Athol Company bought a machine for use in operations. The machine has an estimated useful life of eight

years and an estimated residual value of $$1,500.$ The company provided the following information:

a$.$ Invoice price of the machine, $$73,150.$

b$.$ Freight paid by the vendor per sales agreement, $$770.$

c$.$ Installation costs, $$1,670$ cash.

d$.$ Cost of cleaning up the supplies, boxes, and other garbage that remained after the installation of the machine, $$80$ cash.

e$.$ Payment of the machine's price was made as follows:

January $2$ :

Issued $1,080$ common shares of Athol Company at $$5$ per share.

Signed a $$42,000$ note payable due April $16,2018,$ plus $12$ percent interest.

Balance of the invoice price to be paid in cash. The invoice allows for a $2$ percent cash discount if the cash payment is

made by January $11.$

January $15$: Paid the balance of the invoice price in cash.

April $16$: Paid the note payable and interest in cash.

$f.$ On June $30,2023,$ the company completed the replacement of a major part of the machine that cost $$12,350.$ This expenditure

is expected to reduce the machine's operating costs, increase its estimated useful life by two years, and decrease its estimated

residual value to $$1,000.$

g$.$ Assume that on October $1,2028,$ the company decided to replace the machine with a newer, more efficient model. It then sold

the machine to Sako Ltd$.$ on that date for $$25,400$ cash.

h$.$ Compute the acquisition cost of the machine.

i$.$ Prepare the journal entries to record the purchase of the machine and subsequent cash payments on January $15$ and

April $16,2021.($Do not round intermediate calculations and round your final answers to the nearest dollar amount. If

no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

j$.$

k$.3.$ Compute the depreciation expense for each of the years $2021,2022,$ and $2023,$ assuming the company's fiscal year

ends on December $31.$ Use the straight$-$line depreciation method. $($Do not round intermediate calculations and round

your final answers to the nearest dollar amount.$)$

I. $4.$ Prepare the journal entry to record the sale of the machine on October $1,2028.($Hint; First determine the balance of the

accumulated depreciation account on that date.$)($Do not round intermediate calculations and round your final answers

to the nearest dollar amount. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the

first account field.$)$