Using the information below, determine the depreciation of the machinery using Straight Line Depreciation, Units of Production, and Double Declining Balance. Then complete the journal entry for the 1st year of use for each method. Depreciation will be recorded for the year on December 31. Use the Excel template provided in Blackboard. Equipment Purchase Price $75,000 Useful Life 5 years or 95,000 units 25,000 units in Year 1 Salvage Value $8,500 Straight Line Depreciation: Cost- Salvage Value Years Depreciation per Year Units of Production: Cost- Salvage Value Units Depreciation per Unit Units in Year 1 = Depreciation per Year = Double Declining Balance: Rate of Depreciation = Book value Percent Depreciation per Year General Journal