Problem 2 Custom Flags purchased a sewing machine in January year 1 for $8,000. Custom depreciated the machine using the straight line method with an estimated useful life of 9 years and a residual value of $800 a) Calculate depreciation using the straight line method for years 1-3. b) Determine book value for the sewing machine as of December 31 of year 3. c) Record the journal entry for the sale of the sewing machine on April 1 of year 4 for $5,500. d) Record the journal entry for the sale of the sewing machine on April 1 of year 4 for $5,200