Problem 8-5: The Volga Corporation On January 1, 2021 the Volga Corporation purchased a new machine for $2880 cash. The machine has an estimated useful life of 3 years and a salvage value of $288. The following data are also available: X 30000 Estimated Unit Output over Life of Equipment Unit Production in 2021 Unit Production in 2022 Unit Production in 2023 and following years 12000 6000 12000 Required: Prepare journal entries to record depreciation expense (rounding all amounts to the nearest $) for each December year end for the 3 year life of the machine using: 1. Straight Line Depreciation 2. Double Declining Balance Depreciation 3. Units of Production 4. Compute the net book value at the end of 2023 using straight line depreciation. 5. Compute the net book value at the end of 2023 using double declining balance depreciation. 6. Compute the net book value at the end of 2023 using units of production depreciation. Upon completion, enter the following data here: Deprec Method 2021 Exp 2022 Exp Book Value End 2023 Straight Line Double-Dec Bal. 1 2 13 Production Units: Problem 8-7. The Delaware Corporation On June 1, 2021 the Delaware Corporation sold a machine that cost 3840 with associated accumulated depreciation of 2560 for cash Required: 1. Assume that the machine was sold for $960. Prepare a journal entry to record the sale. 2. Assume that the machine was sold for $1920. Prepare a journal entry to record the sale. Upon completion, prepare a journal entry to record the sale of machinery for $960: Upon completion, prepare a journal entry to record the sale of machinery for $1920 V