Timothy Company acquired and placed into use a heavy factorymachine on 2009 October 1. The machine had an invoice price of USD 360000 but the company received a 3 percent cash discount by paying the bill on the date of acquisition. An employee of Timothy Company hauled the machine down a city street without a permit. As a result the company had to pay a USD 1500 fine. Installation and testing costs totaled USD 35800. The machine is estimated to have a USD 35000 salvage value and a seven-year useful life. (A fraction should be used for the DDB calculation rather than a percentage.)a. Prepare the journal entry to record the acquisition of the machine.b. Prepare the journal entry to record depreciation for 2009 under the doubledeclining balance method.c. Assume Timothy Company used the straight-line depreciation method. At the beginning of 2009 it estimated the machine will last another six years. Prepare the journal entry to record depreciation for 2009. The estimated salvage value would not change.