Computing Partial Period Depreciation under Multiple Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following information is provided. Cost and residual value Estimated service life Acquisition cost $32,500 Years $1,300 Service hours 26.000 Required Productive output (unit) 2,400 Compute the annual depreciation using each of the following methods assuming that the asset was purchased on August 1, 2020 a. Straight-line depreciation: Compute the annual depreciation rate and amount for each year. Carry all decimals in calculations: round final answers to the nearest dollar. Depreciation rate: 2020 0.2 2021 2022 6,240 $ 2023 6,240 $ 2024 6,240 $ 2025 3,640 26001 6,240 b. Units-of-production method using service hours as a measure of input: Compute the depreciation rate and amount for the first partial year assuming 2,340 service hours of actual operation Depreciation rate 2020 c Units of production method using units produced as a measure of output Compute the depreciation rate and amount for the first partial year assuming 4,680 units of output. Depreciation rate 2020 0 0