Problem 11-03 The following data relate to the Machinery account of Metlock, Inc. at December 31, 2020. CALCULATOR PRINTER VERSION Original cost Year purchased Useful life Salvage value Depreciation method Accum. depr through 2020" Machinery B $56,100 $88,000 2016 2017 15,000 hours 15 years $3,300 $5,500 Activity Straight line $38,720 $16,500 $50,600 2015 10 years $3,410 Sum-of-the- years-digits $34,320 D $88,000 2019 10 years $5,500 Double-declining balance $17,600 *In the year an asset is purchased, Metlock, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Metlock, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2021. (a) on May 5, Machine A was sold for $14,300 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Cash 14,300 Machinery (Machine A) 14,300 (b) on December 31, it was determined that Machine B had been used 2,350 hours during 2021. (c) On December 31, before computing depreciation expense on Machine C, the management of Metlock, Inc. decided the useful life remaining from January 1, 2021, was 10 years. (d) On December 31, it was discovered that a machine purchased in 2020 had been expensed completely in that year. This machine cost $30,800 and has a useful life of 10 years an no salvage value. Management has decided to use the double-declining balance method for this machine, which can be referred to as "Machine E." search O ti CALCULATOR PRINTER VERSION