E9-7 (Algo) Computing and Recording Units-of-Production Depreciation [LO 9-3] Raine Industries bought a machine at the beginning of the year at a cost of $24,000. The estimated useful life was five years and the residual value was $2,000. Assume the estimated productive life of the machine is 11,000 units. Expected annual production was year 1, 2,200 units; year 2, 3,200 units; year 3, 2,200 units; year 4, 2,200 units; and year 5, 1,200 units. Required: 1. Complete a depreciation schedule for the units-of-production method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete a depreciation schedule for the units-of-production method. (Do not round intermediate calculations. Round final answers to the nearest whole dollars.) Income Statement Balance Sheet Year Depreciation. Expense Cost Accumulated Depreciation Book Value At acquisition 1 2 3 4 5 E9-7 (Algo) Computing and Recording Units-of-Production Depreciation [LO 9-3] Raine Industries bought a machine at the beginning of the year at a cost of $24,000. The estimated useful life was five years and the residual value was $2,000. Assume the estimated productive life of the machine is 11,000 units. Expected annual production was year 1,2,200 units; year 2, 3,200 units; year 3, 2,200 units; year 4, 2,200 units; and year 5, 1,200 units. Required: 1. Complete a depreciation schedule for the units-of-production method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Year 2 depreciation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet A Record the adjusting entry for depreciation expense for Year 2