Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8 for $597,200. The equipment was expected to have a useful life of three years, or 6,600 operating hours and a residual value of $49,400. The equipment was used for 2,640 hours during Year 1, 2,046 hours in Year 2, and 1,914 hours in Year 3. Required: 1. Determine the amount of depreciation expense for the three years ending December 31, Year 1 Year 2. Year 3, by (a) the straight line method. (b) the units of activity method, and (c) the double-dedining balance method. Also determine the total depreciation expense for the three years by each method. Note: For all methods, round the answer for each year to the nearest whole dollar Depreciation Expense Units-of-Activity Method Year Straight-Line Method Double-Declining Balance Method Year 2 Total 2. What method yields the highest depreciation expense for Year 1? 3. What method yields the most depreciation over the three-year life of the equipment