Required in Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below) Equipment costing $72,000 with a 4-year useful life and an estimated $12,000 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 8-7 (Algo) Computing depreciation under different methods LO P1 Compute depreciation for the first year under straight-line, units of production, and double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation for the first year under straight-line. Straight-Line Depreciation Choose Denominator: Choose Numerator: 1 Annual Depreciation Expense Depreciation expense Ragnited Use the following information for the Quick Studies below. (Algo) The following information applies to the questions displayed below) Equipment costing $72,000 with a 4-year useful life and an estimated $12,000 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 8-7 (Algo) Computing depreciation under different methods LO P1 Compute depreciation for the first year under straight-line, units-of-production, and double-declining balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation for the first year under units-of-production, Select formula for the depreciation rate of Units of Production A Calculate the first year depreciation expense Depreciation per unit Units in first year Depreciation in first year Use the following information for the Quick Studies below. (Algo) (The following information applies to the questions displayed below) Equipment costing $72,000 with a 4-year useful life and an estimated $12,000 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 8-7 (Algo) Computing depreciation under different methods LO P1 Compute depreciation for the first year under straight-line, units-of-production, and double-declining-balance Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute depreciation for the first year under double-declining-balance Double declining balance depreciation for the first year Record depreciation for the first year under straight-line Note: Enter debits before credito Transaction General Journal Debit Credit