SolMfg Company purchased a new machine for $$400,000$ on Sept $1,2023.$ It is estimated that the machine will have $$40,000$ residual value at the end of its $5-$year useful service life.

Problem $1$ Company uses straight line depreciation method

$(1)$ Please prepare a depreciation schedule which shows the annual depreciation expense on the machine for its $5-$year life.

$(2)$ Please prepare a journal entry on December $31,2023$ to record $2023$ depreciation

$(3)$ The Company sold the machine on June $30,2025$ for $$240,000$ cash. Please prepare all journal entries on June $30,2025.$

Problem $2$ Company uses double declining depreciation method

$(4)$ Please prepare the depreciation schedule

$(5)$ The Company sold the machine on June $30,2025$ for $$240,000$ cash. Please prepare all journal entries on June $30,2025($can you give the answer from excel file$)$