Tt5. Prepare the following for Machine A. (Credit account titles are automatically indented when amount is entered. Do not indent manually.If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)1.2.No. Account Titles and Explanation1.2.The journal entry to record its purchase on January 1, 2022.The journal entry to record annual depreciation at December 31, 2022.Show Transcribed Text(1)(2)(3)Calculate the amount of depreciation expense that Blossom should record for Machine B each year of its useful life under thefollowing assumptions. (Round depreciation cost per unit to 2 decimal places, e.g. 12.25. Round final answers to O decimal places, e.g.2,125.)Straight-linemethodBlossom uses the straight-line method of depreciation.Blossom uses the declining-balance method. The rate used is twice the straight-line rate.Blossom uses the units-of-activity method and estimates that the useful life of the machine is 137,000 units. Actualusage is as follows: 2022, 48,000 units; 2023, 38,000 units; 2024, 28,000 units; and 2025, 23,000 units.Declining-balancemethodUnits-of-activitymethod$$$2022$$Debit$2023Depreciation Expense$$Credit$2024$$$2025 On January 1, 2022, Blossom Company purchased the following two machines for use in its production process.Machine A:Machine B:The cash price of this machine was $52,000. Related expenditures also paid in cash included: sales tax $3,100,shipping costs $200, insurance during shipping $120, installation and testing costs $50, and $150 of oil andlubricants to be used with the machinery during its first year of operations. Blossom estimates that the useful life ofthe machine is 5 years with a $5,500 salvage value remaining at the end of that time period. Assume that thestraight-line method of depreciation is used.The recorded cost of this machine was $180,000. Blossom estimates that the useful life of the machine is 4 yearswith a $15,600 salvage value remaining at the end of that time period.

Depreciation expense is the reduction in the value of asset due to its use, wear or tear. Journal…

On January 1, 2022, Blossom Company purchased the following two machines for use in its production process. Machine A: Machine B: The cash price of this machine was $52,000. Related expenditures also paid in cash included: sales tax $3,100, shipping costs $200, insurance during shipping $120, installation and testing costs $50, and $150 of oil and lubricants to be used with the machinery during its first year of operations. Blossom estimates that the useful life of the machine is 5 years with a $5,500 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. The recorded cost of this machine was $180,000. Blossom estimates that the useful life of the machine is 4 years with a $15,600 salvage value remaining at the end of that time period.