Problem 2. Calculating Depreciation - 12 points

On April 1, 2019, MJK Corporation purchased and placed into service a plant asset (paint machine). The following information is available regarding the plant asset:

Acquisition Cost $150,000

Estimated Salvage Value $ 15,000

Estimated Useful Life 5 years

Estimated Useful Life 10,000 units

Required: In 2019, MJK Corporation mixed 1,500 cans of paint and in 2020 the company mixed 2,600 cans of paint. Make the necessary journal entries at December 31, 2019 and December 31, 2020 to record depreciation for each year under the following depreciation methods:

1. Straight-line

2. Double-declining balance

3. Units of Production

Date Account Titles Debit Credit