On May 1, 2020, Best Bicycles Rental Company purchased $70,000 of new bicycles that have an estimated useful life of four years (or 200,000 kilometres) with an expected residual value of $2,000. From May 1, 2020 to December 31, 2020, the bicycles were used for 40,000 kilometres. Best Bicycles Rental Company has a December 31 year end at which time it prepares any adjusting journal entries for the year ended December 31. A) Prepare the journal entry to record depreciation for the bicycles for the year ended December 31, 2020 assuming the below two independent methods. B) Ensure that you show your calculations in the place provided below for each method. 1) Straight Line Depreciation 2) Units of Production Format BI U Straight line depreciation: Calculation Straight line depreciation: Calculation Straight line journal entry: Account Debit Credit Units of Production depreciation: Calculation