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On January 1, 2020, Baldenius Industries purchased a machine for use in its production process. The cash price of this machine was $35,500. Related expenditures included: sales tax $3,500, shipping costs $1,500, insurance during shipping $500, installation and testing costs $1,000, and $2,000 of oil and lubricants to be used with the machinery during its first year of operations. The company estimates that the useful life of the machine is 5 years with a $5,000 residual value remaining at the end of that time period. Assume that the company uses the double declining- balance method. That is, the rate used is twice the straight-line rate. Required: Answer the following THREE parts. (a) Prepare the journal entry to record the purchase of the machine on January 1, 2020. Debit Credit Date Jan. 1, 2020 (b) Prepare the journal entry to record annual depreciation at December 31, 2021. Debit Credit Date Dec. 31, 2021 (adjusting entry) (c) Ignore your answers to parts (a) and (b) above, and assume that as of January 1, 2022, the book value of the machine is $22,000 with the accumulated depreciation being $16,000. The company decides on January 1, 2022, to extend the useful life of the machine by one year (to a total life of 6 years) and increase its residual value to $5,800. The company will switch the 6 depreciation method to the straight-line method. Prepare the journal entry to record annual depreciation at December 31, 2022. Debit Credit Date Dec. 31, 2022 (adjusting entry)