Q2. Machinery is acquired on January 1,2018 at a cost of $280,000.00 with an estimated useful life of 8 years and a salvage value of $30,000.00. a) Calculate the annual amount of depreciation for the year 2018,2019,2020, using the straight-line method of depreciation. [2 marks] b) Calculate the book value of the machinery at the end of year 2020. [2 marks] c) If the machinery was sold on January 1,2021 for $185000.00 what would be the gain or loss on the sale? [2 marks] d) If the machinery was sold on January 1,2021 for $192 000.00 what would be the gain or loss on the sale? [2 marks] e) Show the journal entries for c and d. [2 marks] Q3. a) Bao Company began its operation on July 1. It uses a periodic inventory system. During July, the company had the following purchases and sales. Physical count shows that 1600 units are in the inventory at the end of the month