At the beginning of the current year, a company purchased and placed in service a machine with a cost of $240,000. The company estimated the machine’s useful life to be five years or 60,000 units of...

At the beginning of the current year, a company purchased and placed in service a machine with a cost of $240,000.  The company estimated the machine’s useful life to be five years or 60,000 units of output with an estimated salvage value of $60,000.  During the current year, 15,000 units were produced.Show your work below and then record the entries in the journal

Calculate the depreciation using the:

Straight-line method of depreciation

Units-of-production method of depreciation

Prepare the necessary December 31 adjusting entry to record depletion for the current year using the general journal.