Part 2: Depreciation Methods On January 1, 2017 Advantage Co. purchased a new machine for $4,500. The machine has a useful life of 5 years, and a residual (salvage) value of $500. It is estimated that the machine will produce 5,000 units over its lifetime. Advantage closes its books once a year, on 12/31. (a) If Advantage uses the straight-line method of depreciation, what journal entry would Advantage record on December 31, 2019 in relation to depreciation of this machine? (b) If Advantage uses the units-of-production method of depreciation, what journal entry would Advantage record on December 31, 2018 in relation to depreciation of this machine, if the machine produces 1,500 units in 2018