2. Tower Industries purchased machinery on January 5, 2021 at a total cost of $85,000. The company estimates useful life of the machinery to be 5 years or 50,000 hours. The residual value is estimated to be $5,000. The company expects the machine to run 9,000 hours the first year, 12,000 the second, 13,000 the third, 6,200 the fourth and the remainder in year 5. Required: Prepare a depreciation schedule using each of the following depreciation

Straight line

Units of Production

Double Declining Balance

also asset cost 75,000