Question 2 They Want This Co. purchased a machine on April 1, 2019, for $2,500,000. The machine's life is estimated at 5 years or 60,000 hours with a residual value of $400,000. During years 1 to 5 respectively, the machine was used 18,000; 16,000; 12,000: 11,000; and 6,000 hours. 1. Calculate the annual depreciation expense for all 5 years for each of the three depreciation methods: straight-line, units of production, and double-declining balance. (Show your calculations) 2. Prepare the journal entry for the first year ONLY for the straight-line depreciation method. acer