A machine costing $1,087,500 with a five-year useful life and a $108,750 salvage value is installed in the factory on January 1. The factory manager estimates the machine will produce 29,000 units of product during its life. It actually produces the following units: 4,800 in Year 1; 5,800 in Year 2; 6,800 in Year 3; 6,800 in Year 4; and 4,800 in Year 5.

Calculate annual depreciation expense using the straight-line, units-of-production, and double-declining balance methods.