BUSI 1043: INTRODUCTION TO FINANCIAL ACCOUNTING Discussion 2 - Marks 100 (2.5%) Student Name and ID Sec: Question. Blunt Corporation purchased a vehicle on Jan 1, 2017 for $96,000. The estimated life of the vehicle is 14 years and estimated residual value is $4,000. Calculate the depreciation expense using straight-line method How much would be the balance in the accumulated depreciation account on Dec 31, 2018? Write the journal entry required on Dec 31, 2017 for depreciation Question2. Blunt Corporation also purchased a machine on Jan 4, 2017 for $64,000. The estimated life of the machine is 10 years or 85,000 hours. The estimated residual value is $3,000. What is the amount of depreciation expense for 2017 and 2018 if Blunt Corporation used the machine for 9,000 hours in 2017 and 12,000 hours in 2018 and uses the units-of-production method of depreciation