On January 2, 2019 Lowe, Inc. invested in a new machine costing $350,000. The machine is expected to have a useful life of 14,000 operating hours. The equipment was used 1,200 hours during 2019 and 1,450 hours during 2020. Lowe, Inc. will use the units-of-production method to depreciate the machine.

(Show your work) (12 points)

1. Record depreciation expense at December 31, 2019.

2. Record depreciation expense at December 31, 2020.

3. On January 2, 2021 the equipment was sold for $290,000. Record the sale of the equipment.

Account name	Debit	Credit