Computing Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods depreciating a fixed asset, the following data are used for equipment purchased on January 1, 2020. Cost and residual value Estimated service life: Acquisition cost $7,500 Years 5 Residual value $300 Service hours 6,000 Productive output (units) 14,400 Required Compute annual depreciation using each of the following methods. a. Straight-line depreciation: Compute the depreciation rate and amount for each year. Depreciation Rate 2020 2021 2022 2023 2024 Depreciation Expense $ $ $ 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 1,320 service hours of actual operation. Depreciation Rate 2020 Depreciation Expense 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 2,400 units of output. Depreciation Rate 2020 Depreciation Expense $ d. Sum-of-the-years'-digits method: Compute the depreciation amount for each year. 2024 $ 2020 2021 2022 2023 $ $ e. Double-declining balance method: Compute the depreciation amount for each year. 2023 2024 2020 2021 2022