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2 Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below) Equipment costing $38,400 with a 8-year useful life and an estimated $6,400 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 4,000 units of product during its life. It produced 600 units in the first year. OS 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 Record depreciation for the first year under units-of- production Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry View general journal Clear entry Journal entry worksheet