Question 1 of 1 20Points Arsalan & Abdullah Ltd purchased a new machine on October 1, 2015. The information concerning the machine is: Cost of machine $483063, residual vale $48495, estimated useful life 6 years, estimated useful life 18,000 hours. The usage (in hours) of machine during 2015 to 2021 was: 814,3250,3199,2947,3104,3099 and 3152. Instructions: 1. Compute depreciable cost of the machine. 2. Compute amount of depreciation for the years from 2015 to 2021 and accumulated depreciation at the end of each year under: a) Straight line method b) Double declining method c) Unit of activity method 3. Assuming that the Company uses straight line method and on January 1 2018 estimates that the useful life of the machine is 8 years and residual value is 10% of the original cost, compute a) amount of prior period depreciation (if any) that need to be adjusted. b) Calculate depreciation for the year 2018. 4. Assuming that the company uses straight line method and at the end of its revised useful life, it was exchanged with a new machine. with a payment of $ 428969 5. Prepare General Journal to record a) purchase of machine b) depreciation for each year of useful life and c) exchange of machine