Exercise 7-1OB Determine depreciation for the first year under three methods LO7-4) A company purchased store equipment for $34.000. The company estimates that at the end of its 10-year service te, the equipment will be worth $5,000. During the 10-year period, the company expects to use the equipment for a total of 10.000 hours. The company used the equipment for 1650 hours the fist year Required Calculate depreciation expense of the equlpment for the first year, using each of the folowing methods. (Do not round your Intermediate cakculations.)

SO Exercise 7-10B Determine depreciation for the first year under three methods (L07-4) A company purchased store equipment for $34,000. The company estimates that at the end of its 10-year service life, the equipment will be worth $5,000. During the 10-year period, the company expects to use the equipment for a total of 10,000 hours. The company used the equipment for 1,650 hours the first year. Required: Calculate depreciation expense of the equipment for the first year, using each of the following methods. (Do not round your intermediate calculations.) 1. Straight-line. Depreciation expense 2. Double-declining balance. Depreciation expense 3. Activity-based. Depreciation expenso