Problem 10-03A a-c (Part Level Submission) On January 1, 2020, Concord Company purchased the following two machines for use in its production process. The cash price of this machine was $37,500. Related expenditures included: sales tax $2,000, shipping costs $150 insurance during shipping $110, installation and testing costs $120, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Concord estimates that the useful life of the machine is 5 years wth a $,500 salvage value remaining at the end of that time period. Assume that the stra ght-line method of depreciation is used The recorded cost of this machine was $180,000. Concord estimates that the useful life of the machine is 4 years with a 10,200 salage value remaining at the end of that time period Your answer is correct Prepare the following for Machine A. (Round answers to O decimai places, e.g. 5,125 Credit account titles are automatically indente when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) i. The journal entry to record its purchase on January 1, 2020. a. The journal entry to record annual depreciation at December 31, 202 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Calculate the amount of depreciation expense that Concord should reco for Machine B each year of its useful life under the following assumption (Round depreciation cost per unit to 2 decimal places, e.g. 12.25 Round final answers to O decimal places, e.g- 2,125.) Concord uses the straight-line method of depreciation Concord uses the declining-bolance method. The rate used is twice the straight-line rate Concord uses the units-of-activity method and estimates that the useful life of the machine is 141,500 units. Actual usage is as follow 2020, 49,500 units; 2021, 39,000 units; 2022, 28,500 units 2023, 24,500 units. Depreciation Expense By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor