Question: A new machine cost $100,000, has an estimated useful life of five years and an estimated residual value of $15,000 at the end of that time. It is expected that the machine can produce 170,000 widgets during its useful life. The New Times Company purchases this machine on January 1, 2017, and uses it for exactly three years. During these years the annual production of widgets has been 80,000, 50,000, and 30,000 units, respectively. On January 1, 2017, the machine is sold for $45,000. Required: 1. Calculate the depreciation expense for each of the first three years using a. straight-line b. units-of-production C. double-declining-balance 2. Prepare the proper journal entry for the sale of the machine under the three different depreciation methods