Phillips Ltd. purchased a machine on 26 March 20X3 for $130,000 and began to use it immediately. The estimated useful life of the machine is 5 years, and it has an expected residual value of $11,700 at that time. Phillips uses straight-line depreciation. Required: 1 & 2. Calculate annual depreciation for 20X3 through 20X8 assuming that depreciation is calculated to the nearest month using three accounting conventions: Half-year convention Full-first-year convention Final-year convention