Knowledge Check 01 At the beginning of Year 1, Trey Inc., purchased a machine with a total acquisition cost of $33,000. The machine has an estimate residual value of $3,000 at the end of its estimated useful life of 3 years. The machine is expected to produce a total of 60,000 units over its estimated useful life. During Year 1, it was used to produce a total of 16,000 units. Using the straight-line method, w is the amount of annual depreciation that should be recorded? Annual depreciation per year Knowledge Check 01 At the beginning of Year 1. Trey Inc., purchased a machine with a total acquisition cost of $33,000. The machine has an estimated residual value of $3,000 at the end of its estimated useful life of 3 years. The machine is expected to produce a total of 60.000 units over its estimated useful life. During Year 1, it was used to produce a total of 16,000 units. Using the units-of-production method, what is the amount of depreciation that should be recorded during Year 1? Answer is complete but not entirely correct. Depreciation for Year 1 $ 3,000 Knowledge Check 01 At the beginning of Year 1. Trey Inc., purchased a machine with a total acquisition cost of $33,000. The machine has an estimated residual value of $3,000 at the end of its estimated useful life of 3 years. The machine is expected to produce a total of 60,000 units over its estimated useful life. During Year 1, it was used to produce a total of 16,000 units. Using the double-declining balance method, what is the amount of depreciation that should be recorded during Year 1? Depreciation for Year 1