AOL REQUIRED Brief Exercise 7-10 (Algo) Calculate depreciation (LO7-4) On January 1. Midwest Speclaity Foods purchased equipment for $22,000. Residual value at the end of an estimated four-year service life is expected to be $2,200. The machine operated for 2,300 hours in the first year, and the company expects the machine to operate for a total of 12,000 hours. Calculate depreciation expense for the first year using each of the following depreciation methods: (1) straight-line, (2) doubledecilining-balance, and (3) activity-based. (Do not round your intermediate calculations.)