Perry Corp, acquired a machine on October 1, 2017, at a cost of $92,000. The machine had a 10-year useful life and an estimated salvage value of $5,000. The straight- line method of depreciation was used. On September 1, 2021, Perry overhauled the machine at a cost of $8,525. The overhaul extended the estimated useful life of the machine to 8 years from September 1, 2021 and increased the salvage value to $6,450. In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned. On December 31, 2021, new technology was introduced that would accelerate the obsolescence of Perry's machine. Perry's controller estimates that expected future net cash flows on the machine will be $62,000 and that the fair value of the machine is $60,000 (Note: you may not use all rows of the provided tables to show computations/record journal entries) B 1. Compute the accumulated depreciation up to September 1, 2021. 2. Compute the new carrying value on September 1, 2021 after the overhaul Perry Corp. acquired a machine on October 1, 2017, at a cost of $92,000. The machine had a 10-year useful life and an estimated salvage value of $5,000. The straight- line method of depreciation was used. On September 1, 2021, Perry overhauled the machine at a cost of $8.525. The overhaul extended the estimated useful life of the machine to 8 years from September 1, 2021 and increased the salvage value to $6,450. In computing depreciation for annual adjustment purposes, expense is calculated for each month the asset is owned. On December 31, 2021, new technology was introduced that would accelerate the obsolescence of Perry's machine. Perry's controller estimates that expected future net cash flows on the machine will be $62,000 and that the fair value of the machine is $60,000. (Note: you may not use all rows of the provided tables to show computations/record journal entries) B 3. Compute and record the depreciation expense for 2021 (January 1-December 31). Depreciation expense Account Debit Credit Perry Corp. acquired a machine on October 1, 2017, at a cost of $92,000. The machine had a 10-year useful life and an estimated salvage value of $5,000. The straig line method of depreciation was used. On September 1, 2021, Perry overhauled the machine at a cost of $8,525. The overhaul extended the estimated useful life of machine to 8 years from September 1, 2021 and increased the salvage value to $6,450. In computing depreciation for annual adjustment purposes, expense is calcu for each month the asset is owned. On December 31, 2021, new technology was introduced that would accelerate the obsolescence of Perry's machine. Perry's controller estimates that expected future cash flows on the machine will be $62,000 and that the fair value of the machine is $60,000. (Note: you may not use all rows of the provided tables to show computations/record journal entries) BI 4. Impairment loss (if any) of the machine on December 31, 2021. (1) Find out the carrying value of the machine on December 31, 2021. Carrying value on 12/31/2021: (2) Show the tests to find out the impairment loss (if any) of the machine on December 31, 2021. (3) Prepare the journal entry to record the impairment loss of the machine. If there is no impairment loss, write "none needed." Account Debit Credit