ge 5: 7 Question 3 (10 points) Saved Chevrette Corporation purchased equipment on January 1, 2018 for $87,000. It is estimated that the equipment will have a $7,000 residual value at the end of its 8- year useful life. It is also estimated that the equipment will produce 160,000 units over its 8-year life. Instructions: a. Using straight-line depreciation, calculate the depreciation expense for the year ended December 31, 2018 and show calculations. b. Now assume Chevrette uses the units-of-production depreciation. If 16,000 units of product are produced in 2018 and 24,000 units are produced in 2019, what is the carrying amount of the equipment at December 31, 2019? Show calculations. c. Now assume Chevrette uses double diminishing-balance depreciation. What is the balance of the Accumulated Depreciation-Equipment account at December 31, 2020? Round amounts to the nearest dollar and show calculations. Format BIU 9 Straight line depreciation method DELL ***