Question [16 marks; suggested time 25 minutes] A new machine costs $110,000, has an estimated useful life of four years and an estimated residual value of $50,000. It is expected that the machine will produce 160,000 widgets during its useful life. The Porky Pig Company (PPC), which has a December 31 fiscal year-end, purchased this machine on February 1, 2018. During 2018 and 2019, the annual production of widgets was 80,000 units and 50,000 units, respectively. On August 1, 2020, the machine was sold for $60,000 Required: SHOW YOUR WORK. ROUND YOUR ANSWERS TO THE CLOSEST DOLLAR 1. Calculate the depreciation expense for each of the first two years- e., for the year ending December 31, 2018 and for the year ending December 31 2019- using the (a) straight-line method ANSWER BELOW UNDER THE RELEVANT YEARS. 2018 2019 (b) double-diminishing-balance method 2018 2019 2. Record/journalize the sale of the machine on August 1, 2020 under the assumption that PPC used the straight-line method. Paragraph V BIU - . (a) straight-line method 2018