The following financial calculations were covered in the competency content. Calculate the following problem showing formulas for the ratio as well as the answer. Include the calculations, computation details (show your work), and answers. Word, Excel, or .pdf format preferred. Problem #1 On January 1, 2021, a company purchased machinery costing $70,000. The estimated useful life is 5 years, and the salvage value of the asset is expected to be $10,000. The machinery was used for 2,000 hours in Year 1, 2,010 hours in Year 2, 2,050 hours in Year 3, 2,045 hours in Year 4, and 1,010 from January 1 - June 30 of the fifth year. The depreciation rate is $7.50 per hour. a) Using the above information and the Straight-Line Depreciation Method: 1) Provide the journal entry to record the depreciation expense for Year 1 (show work for calculation of amount) 2) Provide the journal entry to record the depreciation expense for Year 2 (show work for calculation of amount) 3) Provide the journal entry to record the depreciation expense for Year 3 (show work for calculation of amount) 4) Assume the company sold the equipment at the end of Year 3 for $30,000.Provide the appropriate journal entries to record the sale. b) Using the above information and the Double Declining Deprecation Method: 1) Provide the journal entry to record the depreciation expense for Year 1 (show work for calculation of amount) 2) Provide the journal entry to record the depreciation expense for Year 2 (show work for calculation of amount) 3) Provide the journal entry to record the depreciation expense for Year 3 (show work for calculation of amount) 4) Assume the company sold the equipment at the end of Year 3 for $30,000.Provide the appropriate journal entries to record the sale.

c) Using the above information and the Units of Production Method: 1) Provide the journal entry to record the depreciation expense for Year 1 (show work for calculation of amount) 2) Provide the journal entry to record the depreciation expense for Year 2 (show work for calculation of amount) 3) Provide the journal entry to record the depreciation expense for Year 3 (show work for calculation of amount) 4) Assume the company sold the equipment at the end of Year 3 for $30,000. Provide the appropriate journal entries to record the sale.