Problem 2 Norton Construction Company purchased a cement mixer for $14500. The mixer is expected to have a useful life of five years and a residual value of $1000. The company engineers estimate the mixer will have a useful life of 7500 hours, of which 2625 hours were used in 2022. The company's year-end is December 31. 1. Compute the depreciation expense for 2022 assuming the cement mixer was purchased on January 1, 2021, using the following four methods: (a) straight-line, (b) production, (c) sum of the years' digits, (d) double- declining balance. 2. Compute the depreciation expense for 2022 assuming the cement mixer was purchased on July 1, 2021, suing the following methods: (a) straight-line, (b) production, (c) sum of the years' digits, (d) double-declining balance. 3. Prepare the adjusting entry to record the depreciation calculated in 1(a)