Wildhorse Productions Corp. purchased equipment on March 1, 2021, for $56,800. 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 2021, the equipment produced 4,800 units. On November 30, 2022, the machine was sold for $18,000 and had produced 6,200 units that year.

Using

1-Double-diminishing-balance

2- Units-of-Production

(2) Double-diminishing-balance Date Account Titles and Explanation 2021 Mar. Equipment 1 cash Dec. Depreciation Expense 31 Accumulated Depreciation - Equipment 2022 Nov. Depreciation Expense 30 Accumulated Depreciation - Equipment (To record depreciation expense) Cash Accumulated Depreciation Equipment Gain on Disposal Equipment (To record the sale of machine) Nov. 30 Debit 56,800 31240 33540 Credit (3) Units-of-Production Date Account Titles and Explanation 2021 Equipment Cash Depreciation Expense Accumulated Depreciation Equipment Depreciation Expense Accumulated Depreciation Equipment (To record depreciation expense) Cash Accumulated Depreciation Equipment Gain on Disposal Equipment (To record the sale of machine) Mar. 1 Dec. 31 2022 Nov. 30 Nov. 30 Debit 56,800 33540 Credit LI