TKY Ltd. has a machine costing $830,000 with the estimated useful life of 9 years and an estimated residual value of $20,000. TKY uses the straight-line method to depreciate its capital assets. The ledger shows a balance of $292,500 in the accumulated depreciation on December 31, 2021. The following transactions are related to the machine: 2022: March 1 TKY paid $7,500 to repair a broken part in the machine. Oct 2 2023: TKY paid $70,000 to replace the motor, as a result, the useful life of the machine has been extended for 3 more years. July 3 TKY sold the machine for $520,000. Required: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. What is the age of the machine on December 31, 2021? Identify the type of expenditure for the transaction on March 1 and October 2, 2022. The Age of the Machine Expenditure: March 1 Expenditure: October 2 Years