Once-ler, Inc. has purchased an Axe-Hacker, a machine used for cutting trees, on October 1, 2014. The Axe-Hacker is expected to be used to cut down 20,000 trees. The cost is $100, using a units-of-production method (based on trees cut). 000; salvage value is $5,000. Depreciation on the Axe-Hacker is recognized Once-ler acquires the Axe-Hacker on a 9-month note payable. The interest rate is 8%, and interest is payable at maturity (on June 30, 2015). Once-ler provides quarterly financial reports (on March 31, June 30, September 30, and December 31). During the quarter ended December 31,2014, the Axe-Hacker is used to cut down 1,400 trees. Calculate the depreciation expense. (4 pts) a. b. Show the journal entry for repayment of the note on June 30, 2015. (6 pts)