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Required information [The fo//owing information applies to the questions displayed below.) Equipment costing $38,400 with a 8-year useful life and an estimated $6,400 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 4,000 units of product during its life. It produced 600 units in the first year. Compute depreciation for the first year under straight-line, units-of-production, and double-declining-balance. Complete this question by entering your answers in the tabs below. Required 3 Required 2 Required 1 Compute depreciation for the first year under units-of-production. Select formula for the depreciation rate of Units of Production: Calculate the first year depreciation expense: Depreciation per unit Units in first year Depreciation in first year Re uired 1 Re p, ce.y uired3 > of 12 Next