Question - On July 1, 2014 Linked Up Inc. acquired a new machine at a cost of $30,000 with a residual value of $5,000. The estimated useful life is 5 years and 100,000 units. For the year ending June 30, 2015 the machine produced 10,000 units. For the year ending June 30, 2016, the machine produced 15,000 units.
Using the following depreciation methods (straight line & units of production) calculate the depreciation for the year ending 6/30/15 and present each of the journal entries (for each method) in proper form.