PART (B) On July 1, 2015, Morgan Office Supplies purchased a copier machine and recorded as office equipment for $170,000 cash, with an estimated useful life of 8 years and a residual value of $10,000. The company uses a straight-line method of depreciation and its financial year ends on December 31, each year. On April 1, 2021, Morgan sold the copier for $60,000 cash. Required (explanation is not required for journal entry): (1) Prepare journal entry to record the sale of the copier on April 1, 2021. (4 marks) (ii) Assume that on April 1, 2021, Morgan exchanged the copier with a similar and more efficient copier. The trade-in allowance for the old copier was $60,000, and the cost of the new copier is $180,000. Journalize the exchange of similar asset. (4 marks) (iii) Assuming that Morgan Office uses the double-declining balance method of depreciation, prepare journal entry to record the depreciation expense on the copier for the year ended December 31, 2015. (2 marks) (Total: 20 marks)