On March 1, 2019, Zephur Winds Ltd. purchased a machine for $75,000 by paying $24,000 down and issuing a note for the balance. The machine had an estimated useful life of nine years and an estimated residual value of $7,500. Zephur Winds uses the straight-line method of depreciation and has a December 31 year end. On October 30, 2021, the machine was sold for $67,000. (a) Prepare the journal entry to record the acquisition of the machine. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Mar. 1. 2019 Account Titles and Explanation Debit Credit (b) Record the depreciation expense for 2019 and 2020, prepare the journal entry to update the depreciation and record the sale of the equipment on October 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31, 2019 Dec. 31, 2020 Oct. 30, 2021 Account Titles and Explanation Oct. 30, 2021 (To record depreciation expense) (To record sale of machine) Debit Credit (c1) Assume instead that the company used the double-diminishing-balance method to depreciate the cost of the machine: What amount of depreciation would be recorded in 2019 and 2020? (Hint: prorate the annual depreciation amounts.) (Round depreciation rate to 2 decimal places, e.g. 15.25% and final answers to the nearest whole dollar, e.g. 5,275.) Depreciation expense 2019 +A $ 2020 (c2) Assume instead that the company used the double-diminishing-balance method to depreciate the cost of the machine: What journal entries would be required to update the depreciation and record the sale of the machine on October 30, 2021? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round depreciation rate and intermediate calculations to 2 decimal places, e.g. 15.25% and final answers to the nearest whole dollar, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Oct. 30, 2021 Account Titles and Explanation Oct. 30, 2021 (To record depreciation expense) (To record sale of machine) Debit Credit