Problem #4: (14 pts) On July 1, 2020, IMA Big Corp purchased a machine costing $500,000 by putting 10% down and borrowing the remainder from the bank. The machine has an estimated useful life of 4 years, and an estimated salvage value of 20%. IMA uses straight-line depreciation and is a calendar year-end (12/31"). REQUIRED: 1) Account for the purchase on 7/1/20 (using the Accounting Equation) 2) At year-end 2020, calculate and account for (using the Accounting Equation) depreciation expense 3) At year-end 2021, calculate and account for (using the Accounting Equation) depreciation expense 4) At 12/31/20, show the Net Book Value 5) At 12/31/21, show the Net Book Value