1. Calculate the amount of depreciation expense to report for the years ended December 31, 2016 and December 31, 2017 for equipment purchased on July 1, 2016 for $26,000. The equipment has a salvage value of $2,000 and an estimated useful life of 4 years or 24,000 hours. Assume the equipment was used for 2,000 hours from July 1, 2016 to December 31, 2016. Assume the company uses: a) Straight Line method: b) Double declining Balance method: c) Units of Production method: 2. Prepare the Journal Entry to record the depreciation for a) above: Date Account Titles & Explanation Debit Credit 3. Define "Depreciation