Equipment was purchased on January 1, 2017 for $70,000. The asset is expected to last for four years, at which time the estimated residual value will be $12,000.
Using the same purchase information and residual value at the beginning of the question, assume that the company uses the units-of-production method. The asset can produce one million units. Prepare the depreciation table.
| Year | Cost of Long-Term Asset | Units Produced | Depreciation Expense | Accumulated Depreciation | Net Book Value |
| 2017 | $70,000 | 120,000 | $Answer | $Answer | $Answer |
| 2018 | $70,000 | 200,000 | $Answer | $Answer | $Answer |
| 2019 | $70,000 | 150,000 | $Answer | $Answer | $Answer |
| 2020 | $70,000 | 320,000 | $Answer | $Answer | $Answer |
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