On January 1, 2019, WV Hills Company purchased for $180,000 a new machine that has an estimated useful life of eight years (or 500,000 stamping operations), after which the expected salvage value is $7,200.

Under each of the following depreciation methods, calculate the depreciation expense for 2020 and prepare the journal entries.

Required:

a. Straight-line depreciation

b. Double-declining balance depreciation

c. Units-of-production depreciation, if 70,000 stamping operations were made in 2020