I. On January 1, 2016, a corporation acquired a truck for $880,000. Residual value was estimated to be $80,000. The truck can be driven for 100,000 miles over the next three years. Actual usage of the truck was recorded as 10,000 miles for the first year. Give the journal entry to record depreciation for the first year calculated as per the units-of-production method. (Do not round your intermediate calculations.) Answer: Answer II. On January 1, 2016, Amethyst Manufacturing Corporation purchased a machine for $850,000. The corporation expects to use the machine for 40,000 hours over the next 4 years. The estimated residual value of the machine at the end of the sixth year is $50,000. The schedule of usage of the machine is below. You must show your calculation no calculation-0 mark Year Asset cost Year 1 2 3 4 Prepare the depreciation schedule using the units-of-production method of depreciation. Depreciation for the year Depreciation Number of Depreciation Accumulated depreciation per Hour Hours expense Usage 5,000 8,000 12,000 15,000 Book value 8|F