Computing Depreciation Using Various Depreciation Methods The following data are available for equipment purchased on January 1 of the current year. Cost and residual value Acquisition cost Residual value Required Estimated service life: $12,500 Years 5 $500 Service hours 10,000 Productive output (units) 24,000 Compute annual depreciation using each of the following methods. a. Straight-line depreciation: Compute the depreciation rate and amount for each year. Note: Enter the rate in decimal form (such as 0.10) and not as a percentage. Depreciation Rate Year 1 Depreciation Expense $ 0 $ Year 2 0 $ Year 3 Year 4 Year 5 0 $ 0 $ 0 b. Units-of-production method using service hours as a measure of input: Compute the depreciation rate and amount of depreciation expense for the first year assuming 2,200 service hours of actual operation. Depreciation rate per service hour $ 0 Year 1 Depreciation Expense $ 0 c. Units-of-production method using units produced as a measure of output: Compute the depreciation rate and amount of depreciation expense for the first year assuming 4,000 units of output. Depreciation rate per unit $ Depreciation Expense $ 0 Year 1 0 d. Sum-of-the-years'-digits method: Compute the depreciation amount for each year. Year 1 $ 0 $ Year 2 0 $ Year 3 Year 4 Year 5 0 $ 0 $ 0 e. Double-declining-balance method: Compute the depreciation amount for each year. Year 1 $ 0 $ Year 2 0 $ Year 3 Year 4 Year 5 0 $ 0 $ 0