Exercise $7-10($Algo$)$ Determine depreciation for the first year under three methods $($LO$7-4)$

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On January $1,$ Save More Groceries purchased store equipment for $$43,000.$ Save More estimates that at the end of its $10-$year service life, the equipment will be worth $$4,000.$ During the $10-$year period, the company expects to use the equipment for a total of $13,000$ hours. Save More used the equipment for $1,200$ hours the first year.

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Required:

Calculate depreciation expense of the equipment for the first year, using each of the following methods. $($Do not round your intermediate calculations.$)$

Exercise $7-10($Algo$)$ Part $1$

$1.$ Straight$-$line.