1. Most people think of depreciation as something losing value. We've all heard that saying that the value of a brand new car drops in half the second you drive it away from the car dealership. How does this definition of "depreciation" differ from the accounting definition of "depreciation?" (3pts) 2. Machinery purchased for $310,000 on January 1st is expected to have a useful life of 6 years or 50,000 machine hours. Its residual value is $10,000. Compute the depreciation expense for both Year 1 and for Year 2, (I do NOT need the accumulated depreciation, just the expense amount for each year). The company calculates using each of the following depreciation methods: a. Straight-Line b. Units-of-Production (12,000 hours for Year 1; 16,000 hours that the value of a brand new car drops in half the second you drive it away from the car dealership. How does this definition of "depreciation" differ from the accounting definition of "depreciation?" (3pts) 2. Machinery purchased for $310,000 on January 1st is expected to have a useful life of 6 years or 50,000 machine hours. Its residual value is $10,000. Compute the depreciation expense for both Year 1 and for Year 2, (I do NOT need the accumulated depreciation, just the expense amount for each year). The company calculates using each of the following depreciation methods: a. Straight-Line b. Units-of-Production (12,000 hours for Year 1; 16,000 hours for Year 2) c. Double-Declining-Balance