Problem 9-7A a-b Oriole Productions Corp. purchased equipment on March 1, 2018, for $75,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $7,20o. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine wass sold for $17,000 and had produced 5,700 units that year. Your answer is partially correct. Try again 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 0 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 0 decimal places, e.g. 5,275.) (1) Straight-line Debit Date Account Titles and Explanation Credit 2018 Mar. 1 Equipment 75000 Cash 75000 Dec. 31 Depreciation Expense 18833.33 Accumulated Depreciation Equipment 18833.33 2019 Nov. 30 Depreciation Expense 20716.67 (2) Double-diminishing-balance Date Account Titles and Explanation Debit Credit 2018 Mar. 1 Equipment 75000 Cash 75000 Dec. 31 Depreciation Expense 41875 Accumulated Depreciation Equipment 41875 2019 Nov. 30 Depreciation Expense 22193.75 Accumulated Depreciation - Equipment 22193.75 (To record depreciation expense) Nov. 30 Cash 17000 Accumulated Depreciation Equipment 22193.75 Loss on Disposal 35806.25 P Nov. 30 Depreciation Expense 22193.75 Accumulated Depreciation Equipment 22193.75 (To record depreciation expense) Nov. 30 Cash 17000 Accumulated Depreciation Equipment 22193.75 Loss on Disposal 35806.25 Equipment 75000 (To record the sale of machine) (3) Units-of-Production Date Account Titles and Explanation Debit Credit 2018 Mar. 1 Dec. 31 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 0 decimal places, e.g. 5,275.) Double-Diminishing- Balance Units-of Production Straight- Line Depreciation expense 2018 2019 x Total depreciation expense for two years Loss (or gain) on disposal = Net expense for two years