Calculate the depreciation expense for the entire life of the asset assuming the asset was purchased on October 1 2020 using the SUM OF THE YEARS DIGITS METHOD of depreciation. E11.6 (LO 1, 2) (Depreciation Computations---Five Methods, Partial Periods) Muggsy Bogues Company purchased equipment for $212,000 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production is 40,000 units and estimated working hours are 20,000. During 2020, Bogues uses the equipment for 525 hours and the equipment produces 1,000 units. Instructions Le Than on