Purchase Price $83,000 The machine is expected have a three-year useful life, and to run for 11 0,000 hours. The expected salvage/residual value is $500. Required: a) Use the forms below to calculate the depreciation expense for years 1-3 using the straight- method and the units-of-production method: b) Prepare the Dec. 31 journal entry to record depreciation expense for 2017 under each metho Year Hours used 55,000 30,000 25,000 Straight-Line Depreciation Schedule Depreciation for the Year Asset Depreciable Depreciation Depreciation AccumulatedE Cost Cost Rate Expense DepreciationV Date 1/01/17 23,000 2.500 a.599