Exercise 1a (13 points) - Compute and record depreciation expense A machine was purchased at a cost of $9,600,000 on June 30, 2020. The machine's estimated salvage value is $1,600,000 and its expected life is 4 years. The company reports on a calendar year basis. Instructions: Answer the following independent questions 1. Record the depreciation expense for 2021, assuming the company used the double declining method in both 2020 and 2021(5 points) 2. Determine the balance of accumulated depreciation on 12/31/2021 assuming the company used the sum-of- the-years digits method in both 2020 and 2021. (4points) 3. At what amount would the company report the machine on its 2020 balance sheet, if it chose to use the straight-line method? (4 points)