Problem 2 Custom Flags purchased a sewing machine in January 2013 for $6,000. Custom depreciated the machine using the straight line method with an estimated useful life of 10 years and a residual value of $200. a) Calculate depreciation using the straight line method for 2013, 2014, and 2015. b) Determine book value for the sewing machine as of December 31, 2015. c) Record the journal entry for the sale of the sewing machine on October 1, 2016 for $3,600. d) Record the journal entry for the sale of the sewing machine on October 1, 2016 for $4,000.