P4. Carla Vista Co. purchased a new machine on January 1, 2019, at a cost of $26,000. The company estimated that the machine has a salvage value of $1,000. The machine is expected to be used for 5-year life (3 pts.). a. Compute the depreciation expense for 2019 under the straight-line method and double-declining balance method. Straight Line Method Double-declining Method Depreciation Expense ($ ($ b. Assuming the machine was purchased on July 1 instead of January 1, journalize the depreciation expense for December 31, 2019, under the straight-line method. Explanation Debit Credit December 31