On July 1, 2020, Mackenzie Company purchased for $2,300,000 production equipment having an estimated useful life of 10 years and an estimated salvage value of $300,000. Mackenzie's policy is to record depreciation expenses beginning the month the asset is placed in use. Mackenzie believes that the equipment will be used to produce 7,500,000 units over its useful life. Actual production for the first three years was as follows: 2020 1,000,000 2021 1,800,000 2022 1,500,000 Mackenzie is trying to decide which depreciation method she should use and has asked you to run some alternative analyses for her. Required 1.Compute depreciation expense for each of the years 2020, 2021, and2022 using each of the following methods: a) Straight-line b)Units-of-production C) Double-declining balance 2.Assume Mackenzie used the straight-line method of depreciation and sold the equipment on March 31, 2023 for cash of $1,600,000. Show the journal entry to record the sale of the equipment