Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the qupstions displayod below] Equipment costing $4,800 with a 10 -year useful life and an estimated $800 salvage value is acquired and started operating on January 1 . The equipment is estimated to produce 2,000 units of product during its life. It produced 300 units in the first year. QS 10-8 (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-decliningRecord the balance. Journal entry worksheet Record desredation for the first vear under double-declining-bulance