Problem #1 On January 1, 2021, a company purchased machinery costing $70,000. The estimated useful life is 5 years, and the salvage value of the asset is expected to be $10,000. The machinery was used for 2,000 hours in Year 1, 2,010 hours in Year 2, 2,050 hours in Year 3, 2,045 hours in Year 4, and 1,010 from January 1 - June 30 of the fifth year. The depreciation rate is $7.50 per hour. a) Using the above information and the Straight-Line Depreciation Method: 1) Provide the journal entry to record the depreciation expense for Year 1 (show work for calculation of amount) 2) Provide the journal entry to record the depreciation expense for Year 2 (show work for calculation of amount) 3) Provide the journal entry to record the depreciation expense for Year 3 (show work for calculation of amount) 4) Assume the company sold the equipment at the end of Year 3 for $30,000. Provide the appropriate journal entries to record the sale. b) Using the above information and the Double Declining Deprecation Method: 1) Provide the journal entry to record the depreciation expense for Year 1 (show work for calculation of amount) 2) Provide the journal entry to record the depreciation expense for Year 2 (show work for calculation of amount) 3) Provide the journal entry to record the depreciation expense for Year 3 (show work for calculation of amount) 4) Assume the company sold the equipment at the end of Year 3 for $30,000. Provide the appropriate journal entries to record the sale. c) Using the above information and the Units of Production Method: 1) Provide the journal entry to record the depreciation expense for Year 1 (show work for calculation of amount) 2) Provide the journal entry to record the depreciation expense for Year 2 (show work for calculation of amount) 3) Provide the journal entry to record the depreciation expense for Year 3 (show work for calculation of amount) 4) Assume the company sold the equipment at the end of Year 3 for $30,000. Provide the appropriate journal entries to record the sale.