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Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $60,000 with a 4-year useful life and an estimated $10,000 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 5,000 units of product during its life. It produced 750 units in the first year. QS 10-8 (Algo) Retording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-decliningbalance. Journal entry worksheet Record depreciation for the first year under double-declining-balance