XYZ Corporation acquired a new machine on January 1, 2022, at a cost of $200,000. The machine has an estimated useful life of 10 years and a salvage value of $20,000. XYZ Corporation uses the straight-line depreciation method for its machinery. a) Calculate the annual depreciation expense for the machine. b) On December 31, 2024, XYZ Corporation decided to change the depreciation method from straight-line to the double-declining balance method. Calculate the depreciation expense for 2024 using the double-declining balance method. c) On July 1, 2026, XYZ Corporation sold the machine for $120,000. Calculate the gain or loss on the sale of the machine and prepare the journal entry to record the sale