Problem 2 SES Company purchases a machine on January 1, Year 1, at a cost of $500,000. The machine is expected to have a service life of 10 years and a salvage value of $50,000. Requirement A (a) Compute the amount of depreciation and the accumulated depreciation balance for each of Years 1 through 3 using the straight-line depreciation method. Include the depreciation expense journal entry. (b) Compute the amount of depreciation and the accumulated depreciation balance for each of Years 1 through 3 using the sum-of-the-years-digits method. Include the depreciation expense journal entry. (c) Compute the amount of depreciation and the accumulated depreciation balance for each of Years 1 through 3 using the double-declining balance method. (In performing your calculations, round constant percentage to the nearest one-hundredth of a point and round answers to the nearest dollar.) Include the depreciation expense journal entry. Requirement B: Assume that at the end of Year 2 the Company extends the useful life another five years (to 15 years in total). They still would like to use the straight line method to compute depreciation. Please compute Year 3 Depreciation Expense and prepare the journal entry