2. (20 pts.) Polyester Company purchased a machine in 2018 for $1,000,000. The machine has a five year life and a salvage value of $200,000. They depreciated the machine for three years using double declining balance depreciation. At the beginning 2021, they decided that the machine had five years of useful life remaining and a salvage value of $60,000 and should be depreciated using straight line depreciation. Journalize the depreciation expense for 2021 (year 4). Polyester Company also had been using the completed contract method to recognize profits for 2021 and 2020. They have chosen to use the percentage of completion method and correct any bonuses paid in the past. CEO Johann von Krock is paid a bonus of 5% of construction profits. Completed Contract Percentage of Completion 2021 $420,000 $600,000 Income Bonus Net Income Determine the amount of bonus paid to the CEO in 2021 and show the incomes and bonusus reported on the income statements shown for both 2020 and 2021. 2020 $430,000 $$80,000 2021 2020