Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $48,000 with a 4-year useful life and an estimated $8,000 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. Choose Numerator: Straight-Line Depreciation Choose Denominator: Annual Depreciation Expense = Depreciation expense < Required 1 Required 2 > Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $48,000 with a 4-year useful life and an estimated $8,000 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: Calculate the first year depreciation expense: Depreciation per unit Units in first year Depreciation in first year < Required 1 Required 3 > ! Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $48,000 with a 4-year useful life and an estimated $8,000 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 < Required 2 Required 3 > Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $48,000 with a 4-year useful life and an estimated $8,000 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 8-8 (Algo) Recording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining- balance. View transaction list Journal entry worksheet A B C Record depreciation for the first year under straight-line. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit > Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $48,000 with a 4-year useful life and an estimated $8,000 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 8-8 (Algo) Recording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining- balance. View transaction list Journal entry worksheet < A B Record depreciation for the first year under units-of-production. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit > Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $48,000 with a 4-year useful life and an estimated $8,000 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 8-8 (Algo) Recording depreciation journal entries LO P1 Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining- balance. View transaction list Journal entry worksheet < A B Record depreciation for the first year under double-declining-balance. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit