Problem 9-7A a-b Ivanhoe Productions Corp. purchased equipment on March 1, 2018, for $70,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $3,200. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $16,000 and had produced 5,900 units that year. Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round the depreciation rate in the double-diminishing-balance method to the nearest whole percent, e.g. 43% and round depreciation per unit in the units of production depreciation method to 2 decimal places, e.g. 2.25 and final answers to o decimal places, e.g. 5,275.) (1) Straight-line Date Account Titles and Explanation 2018 Debit Credit Mar. 1 Dec. JI 2019 Nov. 30 (2) Double-diminishing-balance Date Account Titles and Explanation Debit Credit 2018 Mar. 1 Dec. 31 2019 Nov. 30 (To record depreciation expense) Nov. 30 (3) Units-of-Production Debit Credit Date Account Titles and Explanation 2018 Mar. 1 Dec. 31 2019 Nov. 30 (To record depreciation expense) Nov. 30 Complete the following schedule for each method of depreciation and compare the total expense over the two-year period. (Round answers to o decimal places, e.g. 5,275.) Straight Double-Diminishing Units-of- Line Balance Production Depreciation expense 2018 2019 Total depreciation expense for two years + Loss (or gain) on disposal Net expense for two years