2. methods are appropriate when a company estimates that the service potential of the asset will decline more quickly in the early periods of the asset's useful life. methods are appropriate when the service life of an asset is affected primarily by the amount the asset is used T Lord Company purchased a machine on January 2, 2019, for $70,000. The machine had an expected residual value of $10,000, an expected life of 8 years or 24,000 hours, and a capacity to produce 100,000 units. During 2019, Lord produced 12,000 units in 2,500 hours. In 2020, Lord produced 15,000 units in 3,000 hours. Required: 1 a. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for the Straight-line method. b. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for the activity method based on hours worked. c. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for the activity method based on units of output. d. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for sum-of-the-years'-digits method. Round your answers to the nearest dollar. e. Prepare a schedule showing depreciation expense for 2019 and 2020 and the book value of the asset at the end of 2019 and 2020 for double-declining-balance method. Round your answers to the nearest dollar