Problem 10-3 of machine, for depreciation under DDB, and for straight- line depreciation assuming a change in estimated life (LO. 1, 3) Timothy Company acquired and placed into use a heavy factory machine on Octo- ber 1, 2017. The machine had an invoice price of $720,000, but the company received a 3% cash discount by paying the bill on the date of acquisition. An employee of Timothy Company hauled the machine down a city street without a permit. As a result, the com- pany had to pay a $3,000 fine. Installation and testing costs totaled $71,600. The machine is estimated to have a $70,000 salvage value and a seven-year useful life. (A fraction should be used for the DDB calculation rather than a percentage.) a. Prepare the journal entry to record the acquisition of the machine. b. Prepare the journal entry to record depreciation for 2017 under the double- declining-balance method. e. Assume Timothy Company used the straight-line depreciation method. At the beginning of 2020, it estimated the machine would last another six years. Prepare the journal entry to record depreciation for 2020. The estimated salvage value would not change. Required