QUESTION (10 marks) On January 1, 2018, Trueblood, Inc. purchased a piece of machinery for use in operations. The total acquisition cost was $33,000. The machine has an estimated useful life of three years and a residual value of $3,000. Assume that units produced by the machine will total 16,000 during 2018, 23,000 during 2019, and 21,000 during 2020. Required: 1) Use this information to complete the following table. Depreciation Expense Book Value at End of Year Method 2018 2019 2020 2019 Straight-line Units of production Double-declining balance 2018 2020 2) On January 1, 2019, the machine was rebuilt at a cost of $7,000. After it was rebuilt, the total estimated life of the machine was increased to five years from the original estimate of three years) and the residual value to $6,000 (from $3,000). Assume that the company chose the straight-line method for depreciation. Compute the annual depreciation expense after the change in estimates. Use the information provided in 2) to answer 3), 4), and 5). 3) Prepare the adjusting entry to record the depreciation expense for the year ended December 31, 2019. 4) On December 31, 2020, the machine was sold for $7,500. Compute the book value on that date. 5) Prepare the journal entry to record the sale. INSTRUCTIONS: Please do your answers on EXCEL and submit an EXCEL spreadsheet. Follow the format covered in class. Include your Name, Student ID and Section on the excel sheet