(Q1) On January 1 2019, the trial balance of PALM Company contains the following balance of accounts before adjusting: Cr. Dr. 110,000 Accounts Title Account Receivable Allowance for Doubtful Account Sales 1,000 300,000 Required: 1) Journalize the following transactions on the books of PALM Company under a Periodic inventory system: . On Jan. 2 sold $30,000 to MAX Company, terms (10/15, n 30). . On Jan. 3, MAX Company returned damaged merchandise was granted a $10,000 allowance On Jan. 8 received $10,000 from MAX Company. On Jan. 10 wrote off as uncollectable $10,000 of accounts receivable. PALM Company uses the percentage-of-sales basis to estimate bad debts. . On Jan. 20 received Amounts due from MAX Company. (Q1) ALI Company purchased a new machine on January 1, 2016. Cost $17,000 Expected salvage value $1,000 Estimated useful life in years 4 Required: Prepare a depreciation schedule which shows the annual depreciation expense on the machine for its 4-year life the straight-line method of depreciation will be used