The Phyllis Paper is a magazine.On January 1, Phyllis purchased a used printing press for $550,000.Based on past experience and reliability information about printing presses, Phyllis expects the printing press to last five years and print approximately 150,000 copies.At the end of its useful life to the company, Phyllis estimates a resale value of approximately $200,000 for the press.

• Calculate depreciation with the straight-line method.
• Find the annual depreciation expense for the printing press using the straight-line method. Make a schedule that illustrates annual depreciation expense.Make the journal entry to record the first year of depreciation expense.

• Calculate depreciation with the units-of-production method.
• Find the annual depreciation expense for the printing press using the units-of-production method.Make a schedule that illustrates annual depreciation expense assuming the following usage: 35,000 copies in year one; 25,000 copies in year two; 40,000 copies in year three; 20,000 copies in year four; and 22,000 copies in year five.Make the journal entry to record the first year of depreciation expense.

• Calculate depreciation with the double-declining-balance method.
• Find the annual depreciation expense for the printing press using the double-declining-balance method.Make a schedule that illustrates annual depreciation expense.Make the journal entry to record the first year of depreciation expense.