Question 4 20 pts Lbk Inc. purchased machinery for $50,000. Lbk paid $10,000 to have the machinery installed and the machine was placed into service on July 1, 2017. The machine has a useful life of 8 years and a salvage value of $5,000. The company uses double-declining balance depreciation method. On June 1, 2020 the machine was taken out of service and sold for $8,000. Instructions: (1.) Determine the cost basis of the machine. (2.) Determine depreciation expense for 2017, 2018, and 2019. (3.) Determine the gain or loss from the sale of the asset. (4.) Prepare the journal entry for the asset disposition