Question 5 (12 points) SMU Six Co, on January 1, 2021, purchased a new machine, paying $100,000 in cash and issuing a 10%, two-year, note payable for $40,000. The new machine's estimated useful life is 10 years, with a residual value of $10,000. The Company uses the Double Diminishing Balance depreciation method and closes its books on December 31 each year. Required: a. Provide the journal entry to record the purchase of the new machine. b. Record any necessary adjusting journal entries related to this machine and the note payable. c. On April 30, 2024 (3 years, 4 months after purchase), the machine was sold for $75.000. Record the necessary journal entries for the disposal in 2024. Be sure to account for any possible adjustment needed for accumulated depreciation and depreciation expense d. Calculate how much the company would have depreciated the asset for if they had been using Straight Line depreciation for the time period that they owned the new machine and then record the journal entry for its derecognition assuming straight line depreciation had been used