PR 9.2B Comparing Three Depreciation Methods OBJ 2 FREADS Waylander coatings company purchased waterproofing equipment on January 6, 2013, for s320,000. The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a residual value of s35,000. The equipment was used for 7,200 hours during 2013, 6,400 hours in 2014, 4,400 hours in 2015, and 2,000 bours in 2016. Instructions 1. Determine the amount of depreciation expense for the years ended December 31,2013, 2014, 2015, and 2016, by (a) the straight-line method, (b) the units of output method, and (c) the double-declining balance method. Also determine the total depreciation expense for the four years by each method. The following columnar headings are suggested for recording the depreciation expense amounts: Depreciation Expense Straight- Units-of- Double Declining Balance Method Method Method Year Check Figure: a. 2013: straight-line depreciation, $71,250