1. Equipment purchased at the beginning of the fiscal year for $720,000 is expected to have a useful life of 10 years, or 350,000 operating hours, and a residual value of $20,000. Compute the depreciation for the first and second years of use by each of the following methods:

a) straight-line

b) units-of-production (5000 hours first year; 8000 hours second year)

c) declining-balance at twice the straight-line rate (Round the answer to the nearest dollar.)