Problem 9-3A On June 1, 2019, Concord Company purchased the following machine for use in its production process The cash price of this machine was $37,500. Related expenditures included: sales tax $3,600, shipping costs $100, insurance during shipping $50, installation and testing costs $120, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Concord estimates that the useful life of the machine is 4 years with a $5,950 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. 2. Prepare the following: The journal entry to record its purchase on June 1, 2019. The journal entry to record annual depreciation at December 31, 2019. 1. 2. B. Calculate the amount of depreciation expense that Concord should record for each year of its useful life under the following assumptions. (1) Concord uses the straight-line method of depreciation. (2) Concord uses the declining-balance method. The rate used is twice the straight-line rate. Straight-Line Annual Depreciation Depreciation Accumulated Book Value Cost Rate ExpenseDepreciation Year 1 2019 Year 2 2020 Year 3 2021 Year 4 2022 Year 5 2023 Declining Balance Annual Depreciation Depreciation Accumulated Book Value Rate ExpenseDepreciation Cost Year 1 Year 2 Year 3 Year 4 Year 5