Blossom Company purchased equipment on March 27, 2018, at a cost of $312,000. Management is contemplating the merits of using the diminishing-balance or units-of-production method of depreciation instead of the straight-line method, which it currently uses for other equipment. The new equipment has an estimated residual value of $8,000 and an estimated useful life of either four years or 80,000 units. Demand for the products produced by the equipment is sporadic so the equipment will be used more in some years than in others. Assume the equipment produces the following number of units each year: 15,000 units in 2018; 20,600 units in 2019; 19,400 units in 2020; 20,000 units in 2021; and 5,000 units in 2022. Blossom has a December year end. Your answer is partially correct. Prepare separate depreciation schedules for the life of the equipment using: (Round depreciation per unit to 2 decimal places, e.g. 5.28 and final answers to O decimal places, e.g. 5,275.) Straight-line method: Depreciable Amount Depreciation Expense Accumulated Depreciation Carrying Amount ir 312000 8 312000 0 76000 236000 $ $ $ 9 236000 76000 152000 160000 0 160000 76000 228000 84000 :1 84000 76000 304000 8000 2 d Double-diminishing-balance method: Opening Carrying Amount Depreciation Expense Accumulated Depreciation Carrying Amount Year 31200 2018 $ 312000 156000 156000 156001 $ $ 2019 156000 78000 234000 78001 2020 78000 39000 273000 39001 2021 39000 19500 292500 19501 2022 19500 11500 304000 800 Units-of-production method: Year Depreciation Expense Carrying Amount Units-of-Production Accumulated Depreciation $ 312000 2018 15000 57000 57000 $ 255000 $ 2019 78280 135280 176720 2020 73720 209000 103000 2021 39000 76000 285000 27000 2021 39000 76000 285000 27000 2022 5000 19000 304000 8000 e Textbook and Media * Your answer is incorrect. Compare the total depreciation expense and accumulated depreciation under each of the three methods over the life of the equipment. (Round answers to 0 decimal places, e.g. 5,275.) Double-Diminishing- Balance Straight-Line Units-of-Production Total depreciation expense $ $ Accumulated depreciation