Part I Alpha Co. Ltd., a Hong Kong listed printing company, bought an advanced printing machine for $5,200,000 on 28 June 2019. Alpha's management estimates the machine has a useful life of 5 years with a residue value of $400,000. The management also estimates the machine can print up to 2,500,000 copies of books and magazines during its useful life. The year-end date of the company is 31 December. Required: (a) Compute the depreciation expense on the printing machine in 2019 and 2020 respectively by using the following methods (correct the answers to integer): (1) Straight-line (calculated to the nearest whole month); (2 marks) (ii) 150%-declining-balance (calculated using half-year convention); and (2 marks) (iii) Units-of-output method (books and magazines printed: 250,000 copies in 2019; 450,000 copies in 2020). (2 marks) Part II Assume Alpha Co. Ltd. uses the depreciation method as in Part I (a)(ii). On 10 April 2021, the Company decides to replace the machine with a newer model and sells the printing machine to another company, Beta Co. Ltd. for $2,800,000 cash. The Company adjusts its accounts annually with the year-end on 31 December Required: (a) Prepare journal entry to record the depreciation expense in 2021; and (1 mark) (b) Prepare journal entry at the time of disposal. (4 marks) Part III On 1 July 2017, Woo's Company purchased a machine by paying $900,000 cash and signing $300,000 5% one-year notes payable for the remaining balance. The machine was expected to be used for 5 years. The residual value was expected to be $60,000. The financial year-end date is 31 December. Straight-line method is adopted and depreciation for fractional years is recorded to the nearest full month. On 1 March 2019, the company purchased a $280,000 new engine to recondition the machine. The company paid $12,000 to install new engine and $500 interest to finance the purchase. The company believes the estimated useful life can be extended for 4 years more with residual value of $56,000 Required: Calculate annual depreciation expense of the above machine after the purchase of new engine. Show your workings (4 marks)