Questions Ivanhoe Productions Corp purchased equipment on March 1, 2018, for $76,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $10,000. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $20,000 and had produced 5,600 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 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 Debit Credit Date Account Titles and Explanation 2018 Mar. 1 Equipment 76000 Cash 76000 Dec. 31 Depreciation Expense 10000 Accumulated Depreciation - Equipment 10000 2019 Nov. 30 Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation expense) Nov. 30 Cash Accumulated Depreciation - Equipment Loss on Disposal Equipment (To record the sale of machine) (2) Double-diminishing-balance Debit Credit Date Account Titles and Explanation 2018 Mar. 1 Equipment Cash Dec 31 Depreciation Expense Accumulated Depreciation - Equipment 2019 Nov. 30 Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation expense) Nov. 30 Cash Accumulated Depreciation - Equipment Equipment Gain on Disposal (3) Units-of-Production Debit Credit Date Account Titles and Explanation 2018 Mar. 1 Equipment Cash Dec. 31 Depreciation Expense Accumulated Depreciation - Equipment 2019 Nov. 30 Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation expense) Nov. 30 Cash Accumulated Depreciation - Equipment Gain on Disposal Equipment (To record the sale of machine) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. 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