Assume Equipment is purchased for $80,000 on January 1, 2020 The estimated useful life of the equipment is 4 years and the residual value is $7.000 The equipment is expected to produce 25,000 total items over its useful life. Actual output was 10,000 items in year 1: 8,000 in year 2: 6,000 in year 3, and 1,000 in year 4. Calculate the depreciation for each year using Straight line, double declining balance, and activity method Straight Line: Double Declining: Depreciation Expense Year Accumulated Net Book Depreciation Value at end of year Year 1 Year 2 Year 3 Year 4 Calentate the Year 4 depreciation expense assuming the residual value was $1,000. Units of Production Method: Year Depreciation Expense Accumulated Depreciation Net Book Value at end of year Year 1 Year 2 Year 3 Year 4 Calculate the Year 4 depreciation expense assuming the number of units produced was 2,000. Calculate the Year 4 depreciation expense assuming the number of units produced was 500. Assume the company planned to continue to use the asset in the 5th year (total estimated units remained at 25,000). Calculate the Year 4 depreciation expense assuming the number of units produced was 500. Assume the company sold the asset for $7,000