Calculate the expected hourly owning and operating costs for 2nd year for a wheel loader with the following information. Use the double declining balance method of depreciation. Delivered price (initial cost) $450,000 Tire cost $20,000 Estimated life 6 years Salvage value $60,000 Investment cost for the 2nd year 15 % of the delivered price Tax, insurance and storage for 2nd year 15% of the book value of 2nd year Operating conditions: Severe Rated power: 450 hp Fuel price: $2.5/gallon Operators wages: $18/hour Hours operated 5 days a week and 8 hours per day Equipment remains idle (not working) for 42 days during the year; 1 year=52 weeks=365 days Cost of special items $15/hour