Part 2 Problem 3 Garrity Factory installed a machine at a cost of $58,000, It's estimated salvage value at the end of its estimated life of 4 years is $16,000. 1. Prepare a schedule for straight line depreciation. 2. Assume Garrity sells the machine for $30,000 at the end of year 3. Prepare the journal entry to record the sale Machine Salvage 4 year life 58,000 16,000 Straight Line Depreciation Accumulated Book Depreciable Cost Rate Expense Depreciation Value Year Tota Req. 2 Journal Entry Accounts