Chapter 7 In class assignment-Answers to be submitted in Canvas Determine the following for Straight-line, Double Declining Balance, and Activity Based depreciation. T Corporation purchased equipment for $500,000. The company estimated the residual value to be $60,000 at the end of the estimated 8 years or 17,600 hours service life. For Straight-line: 1. Book value at the end of year 3 For Double declining balance: 2. Depreciation expense for year 2 S 3. Depreciation expense for year 3 S For Activity based: Year Hours used 123456782,3502,2002,3002,2202,2202,1602,1502,000 4. Depreciation expense for year 3 S 5. Book value at the end of year 3 \$