Units-of-Production Depreciation Irons Delivery inc purchased a new delivery truck for $42,000 on January 1, 2023. The truck is expected to have a s2,000 residual value at the end of its 5-year useful life. Irons uses the units-of-production method of depreciation from expects the truck to run for 150,000 miles. The actual es driven in 2023 and 2024 were 39,000 and 36,000, respectively, Required: Prepare the Journal entry to record depreciation expense for 2023 and 2024. If an amount box does not require an entry, leave it blank. Do not round Intermediate calculations. Round your answers to the nearest dollar. 2023 Dec 31 2024 Dec. 31 Depreciation Methods On January 1, 2023, Loeffler Company acquired a machine at a cost of 5437,000. Loeffler estimates that it will use the machine for 4 years or 8,000 machine hours. It estimates that after 4 years the machine can be sold for $21,000. Loeffer uses the machine for 1,700 and 2,000 machine hours in 2023 and 2024, respectively Required: Compute depreciation expense for 2023 and 2024 using the 1. Straight-line method of depreciation Depreciation Expense 2023 2024 2. Double-declining balance bethod of depreciation. Depreciation Expense 2023 2024 3. Units-of-production method of depreciation Depreciation Expense 2023 2024