Calculate the amount of depreciation expense to report for the years ended December 31, 2018 and December 31, 2019 for equipment purchased on July 1, 2018 for $26,000. The Equipment has a salvage value of $2,000 and an estimated useful life of 4 years or 24,000 hours. Assume the equipment was used for 2,000 hours from July 1, 2018 to December 31, 2018. Assume the company uses the double declining balance method.

Blank # 1

Blank # 2