Peak, Inc. acquired a machine that involved the following expenditures and related factors:Gross invoice price ……………………………………………..$27,200Sales tax …………………………………………………………1,760Cash discount taken ……………………………………………544Freight …………………………………………………………960Assembly of machine …………………………………………..800Installation of machine …………………………………………1,200Training of employees before use ……………………640Required: What will be the recorded cost of the machine?PART II-- On January 1, 2019, Ivey Company purchased a bottle-capping machine for $160,000. During its useful life, the company expects that the machine will cap 1,500,000 bottles. The machine’s expected salvage value is $10,000. During 2019, the machine capped 250,000 bottles and during 2020, the machine capped 300,000 bottles. Required: Assuming units-of-production depreciation, 2020 depreciation expense is what amount?PART III-- The cost of an asset is $1,020,000, and its residual value is $160,000. Estimated useful life of the asset is five years. Required: 1. Compute first –year depreciation using the straight-line method. 2. Compute first-year and second –year depreciation using double-declining-balance method. PART IV-- An asset was purchased for $37,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $9,000. The straight-line method of depreciation was used. The asset was sold on December 31, 2019.Required: Compute the gain or loss on the sale of the asset and prepare the required journal entry under both of the following assumptions: 1. The selling price was $19,000. 2. The selling price was $37,000.PART V-- Saul Company purchased a tractor at a cost of $120,000 on January 1, 2019. The tractor has an estimated salvage value of $20,000 and an estimated life of 8 years. Required: If Saul uses the straight-line method, what is the book value at January 1, 2023?PART VI-- Steve Company purchased a tractor at a cost of $180,000. The tractor has an estimated salvage value of $20,000 and an estimated life of 8 years, or 10,000 hours of operation. The tractor was purchased on January 1, 2019 and was used 2,400 hours in 2019 and 2,100 hours in 2020. On January 1, 2021, the company decided to sell the tractor for $70,000. Steve uses the units-of-production method to account for the depreciation on the tractor. Required: 1. Compute the book value of the tractor on January 1, 2021. 2. Compute the gain or loss on sale. 3. Prepare the journal entry to record the sale.