versity of Minn... Launch Meeting --- Order Use this information to answer questions 6-7. The Lexus Company purchased a new machine on January 1, 2014. The supplier, Infinity, was paid $2,000 in cash. In addition, transportation and installation were $180 (paid in cash), legal costs associated with the asset were $20 (paid in cash). The machine has an estimated life of five years and an estimated salvage value of $300. It is company policy to use straight-line depreciation for all of its machines. Question 6 15 pts Record the journal entry related to the purchase of the asset. Also, record the first year depreciation expense in a journal entry. Include the classification of the accounts and clearly label your debits and credits. Edit View Insert Format Tools Table 12pt Paragraph I o ? : O words Question 7 20 pts Assume the machine was sold on July 1, 2015, to Acura for $1,200 cash. Prepare the journal entry (entries) to record this transaction. What was the gain/loss? Include the classification of the accounts and clearly label your debits and credits. Edit View Insert Format Tools Table 12pt Paragraph BIU A Tv