USE THIS FOR THE Questions 5 thru 9 A Machine is purchased on 1/1/X1 for $780,000 by the firm Serenity, LLC. Serenity had to put 20% cash down and financed the remainder of the purchase price with a long term note. The Machine has a useful life of 5 years and it also has a salvage value of $80,000. Serenity has a policy of depreciating their assets using the double declining method. Q5. What is the Double Declining Rate of this asset? Q6. What is the journal entry needed on 1/1/X1 to record the asset acquisition? Q7. Record the Depreciation Entry needed on December 31, for Years 1 thru 5. Q8. What is the Net Book Value of the asset at the end of each Year (years 1 thru 5) Q9. If the asset was sold on 1/1/X4 for $330,000 cash, what is the journal entry needed to record the sale?