On January 1, 2023, Camino Tires Company purchased a new machine costing $3,100,000 cash and estimated to have a $160,000 salvage value. The machine is expected to produce 700,000 units of product during its 8-year useful life. Calculate the depreciation expense in the first year under the following independent situations:

Required 1:

The company uses the units-of-production method and the machine produces 80,000 units of product during its first year.

Enter depreciation amount here: __

Required 2:

The company uses the double-declining-balance method.

Enter depreciation amount here: __

Required 3:

The company uses the straight-line method.

Enter depreciation amount here: __

In the space below, write the journal entries from the previous question (Required 1, 2 and 3).

The preferred format of your journal entry should be as follows:

Account Title	Debit	Credit
-	-	-
-	-	-

In each journal entry, the debit(s) should come first. You may copy the table above into the answer area or make your own. See journal entry examples given earlier in the exam.

Depreciation Schedule:

In the space below, provide the amounts of depreciation for the first four years using the Double Declining Balance method from the previous question. See Required 2.