. On April 1 of the current year, a company purchased and placed in service a machine with a cost of $480,000. The company estimated the machine's useful life to be eight (8) years or 120,000 units of output with an estimated salvage value of $120,000. During the current year, 20,000 units were produced. Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses:

On April 1 of the current year, a company purchased and placed in service a machine with a cost of $480,000. The company estimated the machine's useful life to be eight (8) years or 120,000 units of output with an estimated salvage value of $120,000. During the current year, 20,000 units were produced. Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses: A. The straight-line method of depreciation B. The units-of-production method of depreciation C. The double-declining balance method of depreciation