annual amortization is 5-7. Machinery acquired on the first day of the current fiscal year for $550,000 has an estimated useful life of 5 years or 50,000 hours and a residual value of $0. Determine the depreciation for the current year by each of the following methods: 5. Straight-line 6. Double-declining-balance 7. Units-of-production (the equipment was used for 5,000 hours during the year) 5 $ $ $