Problem 1 (20 points) A textile manufacturing company purchased a machine that cuts baking sheets to the programmed size. The price of the machine was $100,000. The manufacturing company paid $1,100 for the machine to be transported from North Carolina to its plant in New Jersey. The installation costs required an additional outlay of $5,000. The company paid extra to have the machine run on a generator in case the power went out. This renovation cost was an additional $2,000. After the third day of use, the company experienced a minor repair expense of $500 to fix loose wiring. 1. What is the machine's acquisition cost? 2. The company is deciding whether to use the straight line or unit of production method to depreciate the machine. They gathered the following estimations to calculate the depreciation expense both ways. Estimated useful life in years: 5 years Estimated Residual Value: $25,000 Estimated number of runs over the next 5 years: Calculate the Depreciation expense for Year 1 and Year 2 given the straight line method is used. Show how you calculated each number for full credit below: 3. Complete the Journal Entry below: 4. Calculate the Depreciation expense under units of production method. Show how you calculated each number for full credit