ABC Company acquired a machine for $50,000 on January 1, 20X1. The machine has an estimated useful life of 5 years and an estimated salvage value of $5,000. ABC Company used the machine as follows: Year 20X1: The machine was used for 1,000 hours Year 20X2: The machine was used for 1,500 hours Year 20X3: The machine was used for 2,000 hours Year 20X4: The machine was used for 1,500 hours Year 20X5: The machine was used for 1,000 hours 1: Compute the depreciation expense for each year using the following methods: a) Straight-line depreciation b) Double-declining balance depreciation c) Units of production depreciation 2: Which depreciation method yields the highest depreciation expense in the first year? Which method yields the highest depreciation expense over the entire useful life of the machine? Note: You may assume that the machine is the only asset that ABC Company owns and that it is not subject to any salvage value limitations or minimum usage requirements.