Problem 1 15 points (5 points each) Complete this problem on Depreciation Show as much work as possible so that you can receive partial credit incase your answer is wrong Cost of the equipment is $41,000 Salvage (residual) value is $1,000 Life of the machine in years is 5 years Life of the machine in hours is 100,000 hours A. Calculate Straight line Depreciation Expense for years 1 and 2 (5 points) B. Calculate Double Declining Depreciation Expense for years 1 and 2 (5 points) C. Caciulate depreciation Expense using Units of Production for year 1 (20,000 hours were used) and year 2 (30,000 hours were used) (5 points) Problem 1 15 points (5 points each) Complete this problem on Depreciation Show as much work as possible so that you can receive partial credit incase your answer is wrong Cost of the equipment is $41,000 Salvage (residual) value is $1,000 Life of the machine in years is 5 years Life of the machine in hours is 100,000 hours A. Calculate Straight line Depreciation Expense for years 1 and 2 (5 points) B. Calculate Double Declining Depreciation Expense for years 1 and 2 (5 points) C. Caciulate depreciation Expense using Units of Production for year 1 (20,000 hours were used) and year 2 (30,000 hours were used) (5 points)