Required Information Use the following Information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $54,000 with a 5-year useful life and an estimated $9,000 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 3,000 units of product during its life. It produced 450 units In the first year. QS 8-7 (Algo) Computing depreciation under different methods LO P1 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 1 Required 2 Required 3 Compute depreciation for the first year under straight-line. Straight-Line Depreciation Choose Denominator: Choose Numerator: = Annual Depreciation Expense Depreciation expense 1 Equipment costing $54,000 with a 5-year useful life and an estimated $9,000 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 3,000 units of product during its life. It produced 450 units In the first year QS 8-7 (Algo) Computing depreciation under different methods LO P1 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 1 Required 2 Required 3 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 Use the following Information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] Equipment costing $54,000 with a 5-year useful life and an estimated $9,000 salvage value is acquired and started operating on January 1. The equipment is estimated to produce 3,000 units of product during its life. It produced 450 units In the first year. QS 8-7 (Algo) Computing depreciation under different methods LO P1 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 1 Required 2 Required 3 Compute depreciation for the first year under double-declining-balance. Double-declining-balance depreciation for the first year