Chapter 7 In class assignment-Answers to be submitted in Canvas W Corporation purchased equipment for $300,000. Residual value at the end of the estimated 5 years or 132,500 hours service life is expected to be $35,000. Using Straight-line depreciation, determine: 1. Book value at the end of year 3 $___ Using 180% declining balance depreciation, determine: 2. Depreciation expense for year 2 $ 3. Depreciation expense for year 3 $_ Year Hours used 1 27,900 2 27,500 3 28,000 4 24,000 5 25,100 Using Activity based depreciation, determine: 4. Depreciation expense for year 3 $_ 5. Book value at the end of year 3 $____