Prepare all necessary journal entries for 2024, 2025, and 2026 related to each of the following scenarios:

1.On January 1, 2024, Leeuwen Ltd. purchased a piece of machinery for $37,000. At the time, management determined that the machinery would have a residual value of $4,000 at the end of its 10-year life. Leeuwen has a December 31 year end and uses the straight-line depreciation method.

2.Assume the same facts as in part (a) except that Leeuwen uses the double-diminishing-balance method for depreciation of machinery.

3.Assume the same facts as in part (a) except that Leeuwen purchased the piece of machinery on October 31 rather than on January 1. Also assume that Leeuwen ended up selling the piece of machinery on March 31, 2026, for $28,000.