1. What is the accounting definition of depreciation? How is it different from the consumer definition of depreciation? 2. Discuss the three methods of calculating depreciation and the computations made under each method. 3. Wangum Corp. purchased an asset that cost $257,500 on January 2nd and has a residual value of $20,000 and a four-year life. Calculate the following: a) Annual depreciation expense under straight line. b) Second year of depreciation expense using double declining balance. c) BV of asset using straight line at the end of year 3