Question 1 (12 Marks, 18 Minutes) Seether Publishing Limited ("Seether) is a public company in the business of publishing magazines, and has a December 31 fiscal year-end. Seether purchased a new printing machine in the spring of 2010, incurting the following costs as a result: $750,000 - purchase price of new machine from manufacturer located in United States 35,000 - import duties paid to Canada Customs to bring machine into Canada 10,000 - fee paid to trucking company for delivery of machine to Seether's facility 50,000 - damage and repair to facility power lines due to Seether's failure to use a $895,000 "power surge protector that required for all printing equipment In addition, Secther employs several machinery technicians on an ongoing basis to help ensure that all of its printing machines are running smoothly. One of the technicians spent the entire month of June installing and testing the new machine to make sure that it was operating properly. Seether pays an annual salary of $60,000 to this technician. The new printing machine was put into operation by Seether on July 1, 2010, The machine is expected to have a useful life of 4 years, with a salvage value of $200,000 Required: 1. Prepare any necessary journal entries to reflect the acquisition of the printing machine, Be sure to fully explain your reasoning with respect to the various components of the total cost of the machine. (5 marks) 2. Seether uses a 30% declining-balance method to amortize its printing machines. What is the journal entry that Secther will record in fiscal 2014 with respect to the amortization of the printing machine? (5 marks) 3. Seether sold the printing machine on July 1, 2014 for $170,000 in cash. What is the journal entry that Seether will record to reflect the sale? (2 marks)