Question 8 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 $8,200. 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. Date Account Titles and Explanation Debit Credit 2018 Mar. 1 Equipment 70000 Cash 70000 Dec. 31 Depreciation Expense 31111 Accumulated Depreciation - Equipment 31111 2019 Nov. 30 Depreciation Expense 12099 Accumulated Depreciation - Equipment 12099 (To record depreciation expense) Nov. 30 Cash 16000 Accumulated Depreciation - Equipment 43210 Gain on Disposal 10790 70000 Equipment (To record the sale of machine) 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 17167 31111 25235 2019 18883 12099 30385 . Total depreciation expense for two years 36050 43210 55620 + Loss (or - gain) on disposal 17950 10790 1620 = Net expense for two years 54000 54000 54000 SHOW LIST OF ACCOUNTS