8-2B - Depreciation - Partial Year, All Methods On July 1, 2024, Payton Inc. purchased a new piece of equipment for $500,000. The equipment had an expected useful life of four years, and an expected residual value of $100,000. The company expected that in those four years, the machine would produce 40,000 units based on the following schedule: 2024 3,000 units 2025 11,000 units 2026 - 12,000 units 2027 10,000 units 2028 4,000 units Required: Assuming a December 31 fiscal year-end, prepare a depreciation schedule for the life of the asset using: a.) Straight-line depreciation b.) Units-of-production depreciation c.) Double-declining-balance depreciation