QUESTION 2 24. On January 2, 2018 Lowe, Inc. invested in a new machine costing $350,000. The machine is expected to have a wwful life of 14,000 operating hours. The equipment was used 1,200 hou during 2018 and 1.450 hours during 2019. Lowe, Inc. will use the units of production method to depreciate the machine (Show your work) (12 points) a Record depreciation expense at December 31, 2018 b. Record depreciation expense at December 31, 2019 On January 2, 2020 the equipment was sold for $290,000. Record the sale of the equipment Debut Credit Date Account Name