51. Equipment with a cost of $360,000 has an estimated residual value of $70,000, and an estimated life of 12,000 hours and 5 years. What is the amount of depreciation for the first full year using the units-of-production method, during which the equipment was used 2,500 hours (calculate answer using 2 decimal places)? A) $58,000 B) $72,000 C) $60,425 D) $75,000 52. Which of the following is true about the double-declining method for depreciation? A) Produces the same amount of annual depreciation each year. B) Does not subtract residual value from cost when calculating annual depreciation. C) Estimates service life in units of output D) Only used for tax purposes