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Required information [The following information applies to the questions displayed below.) Equipment costing $12,000 with a 10-year useful life and an estimated $2,000 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 2,000 units of product during its life. It produced 300 units In the first year. Record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining- balance Viww transaction list View journal entry worksheet Debit Credit 1,000 1,000 Record depreciation for the first year under straight-line. Record depreciation for the first year under units-of- production 1,500 1,500 Record depreciation for the first year under double- declining-balance. 2.400 2,400