Depreciation expense measures the allocation of a fixed asset's cost to expense over the asset's useful life. A company should record an expense for the cost of fixed assets periodically over the life of the asset. The units-of-production method provides for varying amounts of depreciation expense based on quantity of units produced during each year of the asset's useful life. Jasmine Company purchased equipment on January 1. 20 times 1. This is the only equipment that Jasmine company owns The following information relates to this equipment: Jasmine Company would report $ of depreciation expense on its December 31, 20 times 1 income statement and $ of depreciation expense on its December 31, 20x2 income statement