Problem 2 On January 1, 2017, McNutt Corp purchased equipment with a cost of $62,000, an estimated salvage value of $2,000 and an estimated useful life of 5 years. Record the journal entry for annual depreciation for this machine on 12/31/17 under the straight-line method. Show calculation. Record the journal entry annual depreciation for this machine on 12/31/17 under the double-declining balance method. Show calculation, Calculate book value for this machine at the end of year 2 (12/31/18) under the staright-line depreciation method. Calculate book value for this machine at the end of year 2 (12/31/18) under the staright-line depreciation method. Calculate book value for this machine at the end of year 2 (12/31/18) under the double-declining balance depreciation method